The inventory of unsold homes has been building in the past four or five months - which is not surprising, as affordability has gotten stretched and stretched, and creative financing has grown more absurd.
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The company faces the dual challenge of lower power system orders and a likely hiatus in jet production.Doug Kass
I vividly recall Charlie Clough being fired in early 2000 coincident with the market top. He was wildly bearish. Nobody has ever accused brokerage management of having good timing.
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It looks like that initial response on Friday was misplaced. This lacks imagination, lacks creativity, lacks forward thinking, lacks youth.
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In the downturn I foresee, no market will be immune. But New York will weather the decline better than other markets.
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Debt is plentiful and cheap. There's egregious use of leverage. And you have the introduction of a new class of buyers that artificially buoys demand and inflates prices.
Doug Kass
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