Tuesday, January 26, 2010

Bad News and Good News

The bad news: a real estate train wreck. Prime example, the catastrophic collapse of a deal to convert NYC's rent-controlled Stuyvesant Town and Peter Cooper Village into profitable apartments. Institutions likely to lose their entire investment include California pension plans, the government of Singapore and the Church of England:
“It’s the poster child for the entire housing bubble,” said Daniel Alpert, managing partner of Westwood Capital. “There’ll be some other spectacular blowups, but this will be at the top of the pecking order.”
The good news: There's a cure for all the economy's ailments: Jobs!


Mere fiduciaries and investment advisers can't hope to emulate the ability of Steve Jobs and Apple to generate unbelievable amounts of free publicity. Even Doonesbury! All you can do is admire the master marketer.

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