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Hovnanian CEO Says Risk of Recession Heightened
http://www.cnbc.com/id/20510588 ^
| 8-30-07
Posted on 08/30/2007 8:21:28 AM PDT by Hydroshock
Hovnanian Enterprises Chief Executive Ara Hovnanian said Thursday the risk of a recession is heightened and called for a rate cut by the Federal Reserve.
"Clearly, the risk of the economy overall going into a recession is heightened right now," the head of the upscale homebuilder said in an interview on CNBC. "The credit market disarray is real."
Hovnanian said that a group of home-builder CEOs were scheduled to meet with Federal Reserve Chairman Ben Bernanke next week.
The cooling U.S. housing market has been hard hit by recent turmoil in the credit markets, which have soured as rising defaults in the subprime sector have caused lenders across the board to tighten standards.
(Excerpt) Read more at cnbc.com ...
TOPICS: Business/Economy; Government; Miscellaneous; News/Current Events
KEYWORDS: bailout; vulturegram
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In the case of his company he might be right.
To: Hydroshock
Hovnanian CEO Says Risk of Recession Heightened my company losing it's ass heightened.
2
posted on
08/30/2007 8:24:11 AM PDT
by
Rb ver. 2.0
(Reunite Gondwanaland!)
To: Rb ver. 2.0
3
posted on
08/30/2007 8:27:29 AM PDT
by
Hydroshock
("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
To: Rb ver. 2.0
I was just caught in the latest round of staff reductions in Corporate Red Bank, NJ headquarters. They are in deep doo-doo.
When I joined the company a little bit over a year ago, the company was over $1.8B market Cap company. Now they are hovering at the $.5B. That is not chump change.
4
posted on
08/30/2007 8:51:43 AM PDT
by
noname07718
(The Senate is based on consensus. “Consensus is the absence of leadership” - Lady M.Thatcher)
To: Rb ver. 2.0
I was just caught in the latest round of staff reductions in Corporate Red Bank, NJ headquarters. They are in deep doo-doododohoodoovoodooDidoDodididoDODDodiediodeDodeDodydadoTeodoordodosdowdyDidi.
When I joined the company a little bit over a year ago, the company was over $1.8B market Cap company. Now they are hovering at the $.5B. That is not chump change.
5
posted on
08/30/2007 8:51:56 AM PDT
by
noname07718
(The Senate is based on consensus. “Consensus is the absence of leadership” - Lady M.Thatcher)
To: noname07718
I don’t know what happened here.
6
posted on
08/30/2007 8:52:49 AM PDT
by
noname07718
(The Senate is based on consensus. “Consensus is the absence of leadership” - Lady M.Thatcher)
To: noname07718
Good luck, and God Bless.
7
posted on
08/30/2007 8:56:27 AM PDT
by
Hydroshock
("The Constitution should be taken like mountain whiskey -- undiluted and untaxed." - Sam Ervin)
To: Hydroshock
In the case of his company he might be right. Higher interest rates punish the entire economy, not just particular companies or individuals.
8
posted on
08/30/2007 8:59:40 AM PDT
by
Moonman62
(The issue of whether cheap labor makes America great should have been settled by the Civil War.)
To: noname07718
I was just caught in the latest round of staff reductions in Corporate Red Bank, NJ headquarters. They are in deep doo-doo. I knew Ara while in high school. Even got to wrestle him once. He was a very poor loser. Is he still as big a horses ass today as he was back then?
9
posted on
08/30/2007 9:00:13 AM PDT
by
Mase
(Save me from the people who would save me from myself!)
To: noname07718
Me too!
Five years with the company and then I found out my position didn't exist anymore. I couldn't have been any more excited.
10
posted on
08/30/2007 9:09:09 AM PDT
by
Cable225
(I almost never post, and rarely reply - but I donate to FR. How about you?)
To: noname07718
They are in deep doo-doododohoodoovoodooDidoDodididoDODDodiediodeDodeDodydadoTeodoordodosdowdyDidi.
Easy for you to say
11
posted on
08/30/2007 9:14:57 AM PDT
by
murdoog
To: noname07718
They are in deep doo-doododohoodoovoodooDidoDodididoDODDodiediodeDodeDodydadoTeodoordodosdowdyDidi.
WOW! I never even heard of that, but it went through spellcheck so it has to be a real word. It sounds fatal. I bet even bankruptcy won't fix that!
12
posted on
08/30/2007 9:22:45 AM PDT
by
Iwo Jima
("Close the border. Then we'll talk.")
To: Hydroshock
Gee, let’s get the FED to lower rates to increase the demand for his housing.
Subprime problems < 5% of the market. In CMBS, 5% would be fine.
Problem - hedge funds and CDOs bought a ton of them, lost their shirts, and want to be bailed out.
The rest of the economy? No systemic risk, just self-focused CEOs want the Fed to intervene on behalf of their companies.
Jerks.
To: Hydroshock
Has anyone other than me noticed that the CEOs of mortgage companies and homebuilding companies are waving the recession flag wildly? It seems they want us to believe that the reason their companies are in such dire straits is that the economy is bad. Couldn’t be their incompetence, could it?
To: Cable225
We should have a reunion lunch at Brothers some day for lunch.
15
posted on
08/30/2007 12:17:41 PM PDT
by
noname07718
(The Senate is based on consensus. “Consensus is the absence of leadership” - Lady M.Thatcher)
To: noname07718
We can get together on the day they finally finish the new building!
Thank goodness they had $50 million to drop on that!
16
posted on
08/30/2007 1:44:36 PM PDT
by
Cable225
(I almost never post, and rarely reply - but I donate to FR. How about you?)
To: Cable225
Yeah; that is an expensive embarrassment. If they keep reducing staff, they would be able to fit all of the corporate staff in the old Gold/Copper building. I drove by the new building today and it is totally idle. I didn’t see anyone working there. It is all Core and shell with no interior finishing started. Sad.
If we wait for the completion of the new building before we meet for lunch, I’ll be very retired with probably a dozen grand kids.
17
posted on
08/30/2007 4:49:07 PM PDT
by
noname07718
(The Senate is based on consensus. “Consensus is the absence of leadership” - Lady M.Thatcher)
To: Hydroshock
No problem. I see this as a great opportunity for a new and challenging assignment. This is only a speed bump on the road of life.
18
posted on
08/30/2007 4:52:51 PM PDT
by
noname07718
(The Senate is based on consensus. “Consensus is the absence of leadership” - Lady M.Thatcher)
To: Moonman62
Next week Ara will be reporting on the Company’s latest earnings. Should be a pretty impressive song and dance by Ara.
19
posted on
08/30/2007 4:53:53 PM PDT
by
noname07718
(The Senate is based on consensus. “Consensus is the absence of leadership” - Lady M.Thatcher)
To: noname07718
As long as he gets on MSNBC once a week I think he’s happy. There’s a guy completely out of touch with how regular people live their lives.
20
posted on
08/30/2007 5:43:33 PM PDT
by
Cable225
(I almost never post, and rarely reply - but I donate to FR. How about you?)
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