Sam Zell: "US won't enter recession; sees housing recovery in Spring"

Quote from makloda:

The US economy will avoid recession as the housing market begins to recover this spring, according to billionaire investor Sam Zell.

Speaking on "Squawk Box" this morning, Zell attributed much of the current economic troubles to fear-mongering and politicking by Democratic presidential contenders Hillary Rodham Clinton and Barack Obama.

"Obviously what we have going on is an attempt to create a self-fulfilling prophecy," said Zell, chairman of Equity Investments Group and owner of the Chicago Cubs, Chicago Tribune, Los Angeles Times and other companies. "We have two Democratic candidates who are vying with each other to describe the economic situation worse.

"The reality is that if you live on Wall Street and you're in the credit markets the world couldn't be worse. If you're a farmer and you're getting $25 for your wheat, you're having a great time. If you're a CEO and you've got a balance sheet that's bullet-proof, you're in a great position. This whole thing is way out of control, way out of hand."

Zell said that although he doesn't try to pick bottoms in markets he believes housing has hit its nadir and will turn around this spring as inventory clears out.

More: http://www.cnbc.com/id/23350846/site/14081545
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hahahha..hahahahah....hahahahah...ahahahah


Either he is a moron that got lucky in life, a moron that surrounded himself with the best advisors, or a shady bastard that bought a shitload of real estate and is looking to improve the image to encourage people to buy.

Gotta love the conservatives!!
 
One can learn more about what is going on in America's economy at a Hobo camp alongside a railroad culvert than what Sam Zell has to say about it. Its what these Hobo's find in people's dumpsters which tells the story.
 
A bottom by Spring 2008, come on, thats just too funny, foreclosures are hitting record highs and are expected to move as high as 2 MILLION by the end of 2008. Hundreds of Billions of ARMS have yet to reset. Most equity in housing has been wiped out by the drop in housing and will only hurt the real estate market going foward, there is no bottom coming anytime soon, there is still at least another 10-20% drop in housing prices over the next 12-18 months. To think a bottom in housing is near is foolish talk. Bottom is years away, I dont see any uptick in prices until at least 2012-2013.
 
Quote from S2007S:

A bottom by Spring 2008, come on, thats just too funny, foreclosures are hitting record highs and are expected to move as high as 2 MILLION by the end of 2008. Hundreds of Billions of ARMS have yet to reset. Most equity in housing has been wiped out by the drop in housing and will only hurt the real estate market going foward, there is no bottom coming anytime soon, there is still at least another 10-20% drop in housing prices over the next 12-18 months. To think a bottom in housing is near is foolish talk. Bottom is years away, I dont see any uptick in prices until at least 2012-2013.
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Foreclosures will continue to hit record highs because there is a record number of homeowners. The percentage is up 57% YoY - sure that's a lot but nowhere near chicken-little territory.

I think there is enough fear in the markets(housing) to start talking about a bottom.



Regards,
 
Quote from Optionpro007:
In my opinion he is just trying to make his buyers feel a little bit better.
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I wonder if Blackstone feels any better about their purchase now :p
 
Quote from flytiger:

Sam wouldn't lie. Why, he was on there to help everybody. Just like the guys who say this isn't really a recession.

Go anywhere and shop for food, and listen to the lower class. 4$ milk, 2$ egg. $3 bread. On the way home, 3.50 for gas.

You'll get a Democratic Prez, because the people are feeling poor. And when the bottom 30% of the country sufferes, everybody suffers. Why do you think all politiicians are so anxious to give you $600? It's like a bad parent giving into a kid to keep him from crying.

Start thinking for yourselves. Sam Zell Sold Equity Partners because he's smart. He did TV because he's smart. He doesn't work for you, and he doesn't care about you.
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I agree, good post
 
Is Sam Zell a buyer or seller of stateside assets?
I remember a year ago after sellling equity office he was talking about making big investments overseas and getting into the game of building low income housing for emerging markets.
Not a bad thought as more and more capital is being allocated by beaurocrats.
 
Quote from kiwi_trader:

I don't know the guy from a bar of soap but I enjoyed Nassim Taleb's attack on lucky fools in Fooled by Randomness.

A great book for traders (especially if you need to feel good when some fool investor is still making out like a bandit)
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taleb's rhetoric doesn't differ much from zell's, the only difference is their use of language
 
IMHO Sam Zell's been a pretty lucky camper most of his career and I say this time he's wrong.
Plus, what economics degree does he hold anyway ?
 
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