Philly Fed prez: Recovery to start in second half of '09

LOL

Saved for posterity.

 

LOL.... How can the verb "may" be saved for posterity?

Aside: every time I see LOL.... I think of Scholastic Rock jamming about adverbs.

 

Any talk of "bottom" in January 2009 is asinine, even if covered with weasel words like "hint" and "may".

Especially commercial real estate. That shit right now is like subprime in August 2007.

 

100% right. At my bank, we just received our new guidelines for CRE. We are treating it in 2009 the same way we treated residential real estate in 2008.

 

Right.

That why I said "bottom has been reached" after "may"

 

Just a load of garbage to keep all the sheep from rioting in the streets.

 

Saved for posterity.

 

A few more tweaks and we should be good to go

 

Except I won't qualify it with "may" and "hint".

Save this one:

There is no fucking way in January 2009 that the bottom has been reached in commercial real estate.

 

CRE is going straight to hell as we speak.

 

I know you aren't using "may". This is your white whale.... your windmill.... can't back off now.

Believe me, if anyone on this board has been in that position, it's me.

 

Haven't the Fed guys been wrong about nearly everything in recent years? Not sure why we should start trusting em now.

The stuff I've been reading recently suggests that we still haven't hit the worst of the real estate crash, for example here's a couple pieces I just saw on that theme:

http://www.huffingtonpost.com/dave-johnson-and-james-boyce/double-bubble-double-trou_b_161357.html?ref=patrick.net
http://www.alternet.org/workplace/121846/the_next_real_estate_crisis%3A_shuttered_stores_and_empty_malls/?ref=patrick.net

We're still facing another tidal wave in the foreclosure epidemic, I've a hard time seeing the economy stabilizing until that mother load of toxic assets has been cleaned up and reabsorbed into the economy at prices that are actually sustainable this time.