Daily Archives: March 2, 2009

Pelosi misses global warming rally when her private jet is delayed by snow

I do believe that headline says it all. Interesting that the old fraud’s own office wouldn’t confirm what sort of flight – commercial or private – she was on. Not only does the lady fly private every week back and forth across the country, she insisted on an even bigger jet when she assumed leadership of the House. I’ll go find that link now.

Update: Snopes says it’s not true that she requested a larger jet, only that she wanted a jet that could fly non-stop cross country. Whatever, it does make clear that Miss Green flies a private jet specifically reserved for her use – she’s not flying commercial. Who do you think she is, some auto executive?

Update II: here’s what the lady missed: A protest at the Capital’s own coal-burning power plant. And for those readers miffed at me for using a snowstorm as proof that there is no global warming, these idiots are still insisting that snow storms are caused by the same phenomenon.

The protest on energy and climate comes as Washington digs out from its largest snowfall of the season. Organizers note that climate change causes more extreme weather, and they say the issue is important enough that people are willing to brave the cold.


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My Hummer’s greener than your Suburban!

Here’s a 15,000 square foot Florida mansion that its developer calls “green” and is selling for $30,000,000. Is anyone rich enough to afford this also stupid enough to believe he’s saving the planet? Sure; just take a gander at Barbara Streisand’s 30,000 sft  Malibu “eco-cottage”. The only good thing about this monstrosity  is that it’s been built right on the beach so the next Goricane should wipe it from memory.


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Dow down

Here’s an interesting analysis, at least for this layman. If we’re headed for a PE of 5X, then either we’re near the bottom, and prices will dawdle sideways for the next 5-10 years while earnings slowly improve and make stocks cheaper, or we’ll emulate the 1930 crash and head straight from here to the bottom, which would be exhilarating as all hell, but kind of disheartening too. Guess we’ll see, eh?


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If I had $100,000, I know what I wouldn’t do with it

One of those new battery-powered Tesla sportscars – 0-60 in (-3 ) seconds zoomed by me up the entrance ramp at Exit 2 on I-95 over the weekend. It looked pretty cool, if tiny, but he got stuck in the same traffic as I did so while I may have expended a little more gas in my Honda than he did in his Tesla, we both reached Exit 5 at the same time. I paid $25,000 for the Honda six years ago and it’s still going strong. I think I’ll hang onto my money, at least until I move to some place like New Mexico where I could use the speed capabilities of this little rocket ship. And probably beyond that time, too.


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If I had a few tens of millions hanging around in Treasuries

I think I’d emulate this guy, who’s going after distressed real estate 

Fund managers and investors are seeking $92.5 billion for funds to buy properties and debt being sold by developers struggling to repay bank loans or finance construction in the credit crisis, London-based Preqin Ltd. said last week. Corl said he thinks the current property slump that dragged down U.S. prices almost 15 percent last year will only get worse.

“It’s going to be catastrophic across the real estate industry,” Corl, 42, said in an interview. “Most of real estate is going to end up in the distressed category” because REITs and property investors have too much debt and that will increase as occupancies, rents and values fall in the recession, he said.

Corl will be Siguler Guff’s managing director for distressed real estate investments, the New York-based company said today in a statement. He managed about $30 billion of real estate investment assets before leaving Cohen & Steers a year ago.

Corl’s change in investment strategy makes sense because it’s likely “the market is going to completely overreact on pricing to the negative side,” said Rich Moore, managing director at RBC Capital Markets in Solon, Ohio, where he analyzes REITs.

‘Tremendous Opportunities’

“I think there will be tremendous opportunities over the next two to three years in real estate owned by distressed owners,” Moore said in an interview. “If you get real estate where someone is struggling, but the real estate is quite good, I think there will be lots and lots of those. That will create great opportunities for people with money.”

I have a much smaller vision than these people who I assume will be buying up condo projects and commercial real estate, but bailing out some over-extended Greenwich spec builders at, say, 30 cents or even sixty cents on the dollar (the actually expended dollar, not the hoped-for retail price) should eventually return a nice profit.


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How now, Dow Cow?

Dow’s down 200+ pts and is now well below (6800) 7,000. Will this set the techs in motion and if so, which way, up or down? My completely uneducated guess is – down.

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Overpricing is nothing new in Greenwich

There’s a new listing on the market that I find illustrative of a long time phenomenon in our fair town: going for the moon. It’s a house that sold for $1.050 million back in 1997. The buyers added on and did some renovating and placed it back up for sale for $1.895 million in 2001 and sold it seven months later for $1.385, 27% off original ask. And that was in a good market (well, 9/11 stopped the market that year, but not in June). Now those buyers, having also done some renovating but without adding any additional space, have put it up for sale for $3.3 million, or $1,000 sft for each foot above ground (there’s a finished basement).  Will they get it? That’s not a price I’d have thought to reach for in this market but I’ll defer to the broker. And to the market. I’ll let you know what happens to this.


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