The Height of Boom-Bust AbsurdityMonday, January 10, 2011
Cupcakes have been a favorite target on this blog for a few years. Why? Because cupcakes “filled with white butter cream, topped with half vanilla cream cheese frosting mixed with chocolate chip cookie crumbs and half chocolate fudge mixed with brownie pieces and covered with chocolate chip cookie and brownie pieces” are one of the many absurd fixations produced by the boom years that continues to titillate perpetually adolescent adults of all ages who are still experiencing their own sense of made-up prosperity even as America’s boom has become a flat-out bust. From the New York Times:
The company’s flagship product is its $3.75 cupcake — an oversize confection in flavors like apple cobbler, cookie dough and dulce de leche. There is also the “half baked,” a 590-calorie cupcake that Crumbs describes on its website as “marble cake filled with white butter cream, topped with half vanilla cream cheese frosting mixed with chocolate chip cookie crumbs and half chocolate fudge mixed with brownie pieces and covered with chocolate chip cookie and brownie pieces.”
Dumbed-down, adult America is still infatuated with cupcakes. Crumbs Bake Shop is going public. Stimulus policies, along with the Federal Reserve’s fight to keep credit cheap and money plentiful, keeps skewing the market and distorting time preferences, making even the ridiculous seem profitable and real. Americans have developed a strange obsession with enormous, sugar-laden, pricey mounds of sweets all dressed up in toppings and flavors suitable for the most discriminating 5-year-olds. Magnolia Bakery in New York is said to have a “permanent place in the cupcake canon in part because of a cameo on Sex and the City.”
I can’t wait to short this stock. Thanks to my cupcake correspondent, Skip Oliva, for the tip.