Flood damage does not tend to be as insured. The lack of insurance is likely to cause the recovery to be delayed,
More Quotes from Mark Vitner:
The Fed can't wait for core inflation to pick up before they act,Mark Vitner
Markets are rational and forward-looking. However, they can also be wrong.
Mark Vitner
Overall supply and demand are moving into much better balance. With that, we're likely to see far less price appreciation than we saw in 2005.
Mark Vitner
It will take longer for Louisiana and Mississippi to recover from the storm than Florida last year, ... Resource- and agriculture-reliant areas just don't do as well.
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I don't think there's much doubt the Fed will raise rates by a quarter point each of the next three meetings. Even a really strong report probably won't cause them to raise rates by a half-point.
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I don't see any storm clouds on the economic horizon. We don't see any potential land mines or problem areas. Even an attack on the scale of 911 would not cause the economy to go into recession in the next two years.
Mark Vitner
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