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Vanity Fair Weighs In

Scribe Michael Shnayerson files his annual Hamptons accounting for Vanity Fair, and this year the focus is on—surprise!—the collapse of the East End real estate market. It's more of the same quotes from the same usual suspects telling many of the same old stories, including the re-airing of the "urban legend" about the dude who tried to buy up $5m homes on the cheap, but we did enjoy this line: "The outrushing of money from the Hamptons, like the outflow of water from Georgica Pond when the coastal barrier has been breached, has left a stench, like pond-bottom muck, of fear, anger, and quiet desperation." [Vanity Fair]