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- Host Hotels & Resorts, Inc. F3Q08 (Quarter End 09/05/08) Earnings Call Transcript
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- Intraware, Inc. F2Q09 (Qtr End 08/31/08) Earnings Call Transcript
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Ames Tiedeman
666 Comments
Ford, GM on the Chopping Block?
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Stay away from all of these names.
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General Discussion on GM
California Signaling A Housing Bottom? [Housing Tracker]
Greenspan Says Housing Prices Not Yet Near Bottom (Update1)
By Steve Matthews
July 31 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspan said falling U.S. home prices are ``nowhere near the bottom'' and the resulting market turmoil isn't showing signs of abating.
While the odds of a recession are 50-50, achieving stable markets will ``take a while,'' Greenspan said today in a CNBC interview.
The economy grew at a 1.9 percent annualized rate in the second quarter after expanding 0.9 percent in the first quarter, the Commerce Department said in Washington. Gross domestic product was revised to show a contraction in the final three months of 2007.
More Americans filed claims for unemployment insurance last week than at any time in more than five years, the Labor Department said. Fed policy makers have cut the benchmark rate to 2 percent from 5.25 percent since September, halting the reductions in June amid rising concern about inflation.
Fannie Mae and Freddie Mac, the largest sources of money for U.S. home loans, are a ``major accident waiting to happen,'' Greenspan said. ``The solution'' is the ``nationalization'' of the companies, he said.
After the former Fed chairman spoke, Washington-based Fannie Mae dropped 69 cents, or 5.7 percent, to $11.52 at 3:48 in New York Stock Exchange composite trading. Freddie Mac fell 55 cents, or 6.3 percent, to $8.18.
``It important that we focus on stabilizing the financial system,'' Greenspan said. Policy makers also need to reconcile slowing economic growth with rising prices, he said.
The U.S. faces ``a very substantial change in the balance between growth and inflation,'' Greenspan said.
Bill Miller on This Tough Market
This is one of the few times in the past 50 years that so many industries have been hit with so much trouble at the same time: Auto, Finance, Mortgage, Housing/Construction, and now Retail, is starting to hurt too. The American consumer seems to be running out of cash but the plastic may keep us out of a full blown recession. We won't know until 2009. What you have been suggesting and seeing is real. America does not have the economic scale we had just 25 years ago. When you export your jobs, run a 700 billion dollar trade deficit and have stagnant wages for 15 years it is very alarming when the economy slows down. One has to ask ones self what industry(s) will pick things back up. In 1981 it was autos and construction. In the 1990' it was high tech. In 2008 it is????? We do not have the economic scale anymore and so many industries are crushed it will be a waiting game. I have a hunch that the turning point comes the end of next year. I think GM will do much better in 2009 and I think most real estate markets will begin to finally bottom by Q3, 2009. There is light at the end of the tunnel. This light is simply dim because our trade and economic policies have been very, very stupid.
Sun Beats Estimates, But Outlook Dicey
California Signaling A Housing Bottom? [Housing Tracker]