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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Roads End who wrote (107640)	3/12/2010 12:07:53 PM
From: benwood	2 Recommendations Read Replies (2) \| Respond to of 110194

I visited that area last November when my bro-in-law was staying there for a few weeks for an opera (he's a singer). We just could not believe the hubris that went into transforming that area. I wrote about it when I got back -- 40-60% of the units vacant, one on street level didn't have any window coverings because there was nearly zero street (car or pedestrian) traffic and as I walked by (an out of towner <g> ) I was just a few feet from the owner and his guests at the bar in plain view. The street car ran with alarming regularity transporting ghosts and very, very occasionally a live person. I can't imagine the millions, probably a hundred million or more plus operating costs, that went into that beautiful looking waste of everything. At the hotel desk, I asked how to get to I-5, got instructions, and headed south I believe and discovered that the road she said to take had been terminated permanently due to fusterclucks of condos and parking garages and lots. It was only a few blocks from her hotel, and yet the transformation was so rapid and complete (deplete?) that she wasn't yet aware of the massive changes along that wide, concrete boulevard where traffic lights far outnumbered cars. Most of the shops along the waterfront were either BK, going BK, or obviously struggling. A huge fancy restaurant for the beautiful people on the ground floor of one boasted immense glass masses of glass creating breathtaking territorial views but dang it if it wasn't closed until further notice. It truly is a monument to the brazen era of mass delusional thinking.