The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: James Hutton who wrote (191411)	3/18/2009 1:02:05 AM
From: John Koligman	Read Replies (2) of 306849

Charlie Rose had a panel discussion on AIG and the banking problems in general this evening, he had Hank Greenberg, Gretchen Morgensen, Carol Loomis, and Meredith Whitney around the table. In general, the tone at the end was sober, Greenberg said he thought the consumer would not ramp up spending anytime soon, and that since we don't have the social 'backups' that Europe does, the potential effects will be 'harsher' in the US. Whitney said that most of the models she has seen don't take into account double digit unemployment (with the implication being that she thinks it will occur), and that when people realize 'the extent of state underfunding' they better 'strap themselves in'. One thing I found interesting in view of commentary on this thread is that she also said that 'lots of financial types she knows in NY are ready to help, but that the government is not calling'... Gretchen Morgensen said her two big concerns going forward were the possibility of a commercial real estate collapse and expanding credit card default rates. She also talked at some length about how poorly the communication of what the government will do going forward has been offered by the people under Obama... Carol Loomis said that she really didn't know how all this would end up. John

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