Gregg,
even though the weekend is about to start and this thread becomes a free for all, I think its best that we leave the S&L crisis to private messages.
One of these days, we should get together and trade war stories. Just for your info, I represented the two largest San Diego based S&Ls (I am sure you can figure out who they were) until their ultimate demise in the hands of the RTC. In addition to brokering the REOs, I did consulting, played receiver and just about everything else they needed in the RE arena. Yes, I did a few congregate care projects too and at one time knew the difference between "assisted living" and "congregate". Too bad the aging population is too healthy for these operators, who missed their target clientele by 20 years.
As for your comments on Japan, I am surprised that you would plagiarize my posts on the semi eq thread and post it here. In simple terms, the bank crisis in Japan is the equivalent of a Bank, S&L and International Banking failure in this country all lump into one.
Since I am now labelled the official "chicken little" (is that ok with you, surfer Mike aka QC thread master), I mind as well do all the worrying for all.
What am I really worried about?
A global recession, depression in some cases, of a magnitude that we have not previously experienced. It will, and is already, hurt the growth rate domestically. The most negative force will be the mounting current account deficits. I think this will bring to the forefront a somewhat quantifiable magnitude of what is needed to bring back global equilibrium.
Ramsey |
