Posted on 02/26/2008 11:31:36 PM PST by Kellis91789
The US economy will avoid recession as the housing market begins to recover this spring, according to billionaire investor Sam Zell.
Speaking on "Squawk Box" this morning, Zell attributed much of the current economic troubles to fear-mongering and politicking by Democratic presidential contenders Hillary Rodham Clinton and Barack Obama.
"Obviously what we have going on is an attempt to create a self-fulfilling prophecy," said Zell, chairman of Equity Investments Group and owner of the Chicago Cubs, Chicago Tribune, Los Angeles Times and other companies. "We have two Democratic candidates who are vying with each other to describe the economic situation worse.
"The reality is that if you live on Wall Street and you're in the credit markets the world couldn't be worse. If you're a farmer and you're getting $25 for your wheat, you're having a great time. If you're a CEO and you've got a balance sheet that's bullet-proof, you're in a great position. This whole thing is way out of control, way out of hand."
Zell said that although he doesn't try to pick bottoms in markets he believes housing has hit its nadir and will turn around this spring as inventory clears out.
As for the credit situation, he projected that once markdowns are out of the way banks will begin to regain their footing.
In the wide-ranging interview, Zell also voiced support for Federal Reserve Chairman Ben Bernanke.
"I think he should be renewed when his term is up. I think one of the positives of the United States is having people in the position of the Federal Reserve (chairman) for long periods of time," Zell said.
"I think Bernanke's reduction in interest rates has been spot-on, because basically we're going to fix the credit markets by creating a big enough spread between the risk-free cost of capital and what's available so that greed overtakes fear and the game begins again.")
I just do not have time right now,but will revisit this w/book chapter and verse proof the article is dead on
Turnabout is fair play. Remember back in 2000 when the MSM was criticising the GOP for “talking down the economy.”
Let us see if Mr. Zell changes the tone of his newspaper’s reporting, in particular the LAT. The so-called MSM are in the tank for the democrats, trying, for their misguided reasons, to elect a democrat President.
Ping
The Zell you say!!!
You are fast!
Self-ping for later reading....
Well, the Chicago Tribune has endorsed Republican Candidates for President for as far back I can recall.
Looking forward to your post.....
anyone watching todays stock markets ??????????
sickning is this is all by design and I’m not kidding...
the dems and drive by’s did just that for two reasons
1...kill the permanent tax deductions of the Bush administration at all costs.....
2. The Iraq war is a success which was previously the brow the sledge hammer was beating....Can’t do that now because
the dem candidate will be known after March 5th. It will be Obama.
Once the dems know who their candidate is, it also hurts them to diss the economy, they too own rental houses, businesses, capital at risk, and once it is seen that Hillary is dead and buried , the plan is to wait a week and well shut my mouth and praise the goverment,lok at that economic turn around..The markets will uptick and risk will be seen as not risky................how ????????????
The plan is.........look all the markets are showing CONFIDENCE in the direction of the Obama campaign and story after story will credit the market turn around to the dems policies and specifically Obama’s injection of CONFIDENCE.
..a little side bar here...........a dear friend and client whose family business of decades is about to have to consider bankruptcy because the politicians and willing drive by media screamingly talked down the economy...
This friends business makes chair lifts that attach to motor homes , boats , cars / trucks that allows disabled people easy access into these products.
No one is buying motorhomes or boats or new cars/trucks for 5 months now and surely not “extra toys” like the motorhomes and boats because they are worried of morgages
and rental property riskes.....
.so get this straight, to the damage of invalides and solutions for them ,the dems dissed the economy to a damn stand still killing my friends business
I can name three other businesses as well but I exampled my point....After 3/5/08....the screws will be removed to allow the surge’s credit go to the policies of Obama
I think you might be on to something. Seriously. Let’s watch and see.
three great ways to figger things out
1.follow the money
2. study timing of events or news
3. listen to what you don’t hear
...........................................................
Sam Zell’s CNBC.com interview could have been scheduled any time, he is quoted watching this troubled trend for two years yet just before Mar 5th votes.
It will then be easy to follow the money but who ain’t talkin’ in all of this.........YET............
uhm , democrats soooooooooooooooooo
That vocal trigger of attaboy Obama will be from fat tire Timy Russert is my best guess after 03/05
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