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Comment of the Day

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"Kent Swig is delusional. Sure there is a liquidity issue. Sure there is a psychology issue. But there is also this issue of, um, ultra-high-paying jobs in NYC, which are dying off faster than the dodo bird. The reality is that these jobs are gone and probably will not return within our lifetimes. Sure, commercial banks will survive, but we will never ever return to the high-flying days of risky credit default swaps, junk instruments, junk bonds, etc. And the days of high-flying Wall St. bonuses are gone forever as well. The new reality is that the city real estate market will need to readjust to the new income demography in NYC, and the sooner it does it, the better. Unfortunately, Pollyanna's like this will prolong the bleeding by trying to hype up the market using bullshit indicators... all the way to the bottom." [Buckethead on Market's Bottom]