The RE bottom is years off no matter what anybody does. Stocks might rally into the election but RE hardly.... he might be right about perceptions, a couple years back 40% of those polled thought we were in a depression!! The TV and print media are not going to let GW have a good economy no matter what....
Man, I hope Sam is correct on his assumption. I would like a lot more time to accum. as much wealth as possible before the disapearing act of "Capitalism", as the Socialist ring in victory. All we need is another Depression or recession that feels like one, and Capitalism is history.
<i>"While Washington debates, the impact of rising wheat prices is already being felt on many levels. Wegmans, a grocery chain based in Rochester, N.Y., says it has raised prices on packaged breads from 10 to 50 cents. Prices have also gone up on cakes mixes, crackers, cookies, and cereal. "We have absorbed some price increases, but at a point, you have to charge more," says Jo Natale, a spokeswoman for the grocer."</i> http://www.csmonitor.com/2008/0227/p01s05-usec.html?page=1 That's where I shop. A $200 weekly shopping cart full of healthy food last year is $300+ this year... and there is less weight in that cart. What used to be 1lb boxes of dry pasta are now 12oz. What used to be 25lb bags of dry dog food are now 17.6lb bags instead. What used to be 1lb bags of fresh spinach at $1.99 are now 12oz at $2.99 What used to be 8oz cup of yogurt that became 6oz is now 4oz, same dollar cost per unit. Price per pound has doubled. * Inflation? Bernanke will tell capital hill this week that inflation is contained, nowhere to be concerned about.
Man, I thought I was getting stronger. I walked out of the grocery store carrying fifty bucks worth of stuff with one arm. I couldn't do that twenty years ago.
This is the same Sam Zell that on 9/26/05 said a housing bubble does not exist and was started by people that have nothing else to do. Great call. I noticed CNBC played the Zell housing bottom clip throughout the day. The above was mentioned in the following article: http://www.whartonjournal.com/media....Real.Estate-997456.shtml?mkey=1969010&page=2
I don't know the guy from a bar of soap but I enjoyed Nassim Taleb's attack on lucky fools in Fooled by Randomness. A great book for traders (especially if you need to feel good when some fool investor is still making out like a bandit)
I love Sam. Really. Bloody genius on certain segments of residential and office real estate, he is. But he should stick to what he knows. Macroeconomics probably doesn't agree with him.
Hmm I don't live in Germany for 7 years now. Germany's unemployment rate fell to 8.1 percent in January, the lowest level in 15 years from what I read.