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There are a lot of people with real estate, and they can’t afford it. They can’t make the payments, and they can’t sell the house.
—Joseph Baldi, a Chicago attorney. Baldi is scheduled to speak to the American Bankruptcy Institute on Chapter 11 in October
Real estate is an incredible thing on the downside. Equities can only go to zero. Property can go well below zero.
—Jason Green, a bankruptcy attorney based in Washington, referencing the associated taxes, fees and maintenance of real estate property
I’d say their equity has been wiped out
—Craig Leupold, president of Green Street Advisors, on the $1.9b BlackRock / Tishman Speyer position in Stuyvesant Town
This is not standard regulatory capture.
—Simon Johnson, June 2009
How Did Economists Get It So Wrong?
—Paul Krugman: NYT Magazine
The People’s Bank of China should try to reduce intervention on the exchange rate as much as possible. Eventually, the yuan should be demanded as a reserve currency, and we are far away from this stage.
—Yu Yongding in an interview on August 6th
The production recession is over, the GDP recession is over — the employment recession is not. The Fed is in a good position right now. It can hold rates low and steady.
—Brian Bethune, economist at IHS Global Insight
Ryssdal: Does this mean then the increasing nichification of this music, where bands go out and find fans who like this band in particular. Does that mean the days of the blockbuster, globe-shattering bands like U2 and the Rolling Stones are done with?
KOT: Yeah, I’m crying a bitter tear here because those days are gone. I’m saying, what have we lost there? Seeing a mega band in a stadium, that’s a good experience for somebody? I’ve been in the last row for a Rolling Stones show, Kai. It’s not a lot of fun back there.
—Conversation with Greg Kot, music critic for the Chicago Tribue, on Marketplace
To maintain decent growth and avoid massive unemployment, the Chinese government was left with no option but to replace flagging external demand by domestic demand.
—Yu Yongding: FT
If we have a recovery at all, it isn’t sustainable. This is more likely a ski-jump recession, with short-term stimulus creating a bump that will ultimately lead to a more precipitous decline later. We haven’t fixed the problem. We’ve just slowed down the official recognition of it.
—Kevin Harrington, Clarium Capital, on the market’s refusal to recognize that there are issues with the economy.
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