NYC Recession Turning Out Better Than Expected
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of…
“The gathering consensus is that the recession is nearly over in the city and, largely because of the enormous amount of federal aid poured into the big banks, the toll on New York will be much less severe than most had feared. Not only will the job losses in the city fall far short of the recession that wracked the metropolitan area in the early 1990s, economists and analysts say they will also not measure up to the losses in the shorter, shallower recession that surrounded the 9/11 attacks.”
— NY Times
“No, seriously, advertising, publishing, retail, fashion, and construction are decimated, and I don’t know if that’s coming back.”
This is exactly the type of statement I LOVE to hear. It’s always darkest before the dawn and when everyone has thrown in the towel with statements like this it’s time to be contrarian!!!!!
Please NY Times don’t write these stories. Because when you do, real estate agents then think the market is “Hot” again and won’t consider my bids that are only 10% off askiing!!!!
UGH
I should clarify that interest is owed but not created. Worse, it compounds exponentially. Principal is both created and owed, thus it can be paid back. There’s a lot of complex detail in between this general premise and how it affects our local and national economies but this premise is the gist.
***Bid half off peak comps***
Hannible will be upset to hear this.
No, seriously, advertising, publishing, retail, fashion, and construction are decimated, and I don’t know if that’s coming back. Plus we need manufacturing to drive the national economy, even if it’s not based in New York. I don’t know if the US can continue to be the world’s financial center, and we can’t become only a nation of consumers. Well, that is what we are — see how well it works.
This is the first time I’ve actually wondered…truly wondered if BHO is The (former) What in disguise. Are you he?
ISM Non-Mfg. Composite was 53.0 vs 51.0 (Expected).
The facts continue to point to a stronger economy.
“Debt, therefore the money supply, is contracting.” Back to school for you!!!!
This is YOUR fantasy, Mr. B, not reality.
“federal aid” = more debt. The money supply is 90% unpaid principal and compound interest. Principal is lent into existence out of thin air but interest is not. It’s a Ponzi scheme. Youtube “Money As Debt”, parts I and II.
Debt is increasing exponentially but our capacity to service it is not. Banks are lending less and consumers are borrowing less. Debt, therefore the money supply, is contracting. This is deflation. Same thing happened during the Great Depression.
“economists and analysts” – which ones? The ones with track records?
***Bid half off peak comps***
I’m thinking no one is going to get a brownstone at half-off peak comps.
Like I’ve been saying, brownstone prices have bottomed.
The local real estate market hasn’t crashed yet; period.
When it does, the sh*t will hit the fan; period.
“Gathering consensus” my a*s.