Wall Street admits

Parent Cafe
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<p>Meltdown is our fault. Not that you doubted it.</p>

<p>[Wall</a> Street Report Tries to Dissect Financial Meltdown - Mergers, Acquisitions, Venture Capital, Hedge Funds – DealBook - New York Times](<a href=“DealBook - The New York Times”>DealBook - The New York Times)</p>

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<p>You know Barrons, Wall Street sucks. It’s full of elite thinking bums that confuse brains with thievery. But you know what, there isn’t an industry that lives more at the public trough than the real estate industry. So look in a mirror sometime. Because if your industry didn’t have so many incentives and government handouts in place to make a buck, Wall Street would have had to look elsewhere for its shenanigans.</p>

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<p>I don’t see much in government handouts in my sector which is strictly in commercial RE. A few cities might give some improvements to attract a project but 99% of projects have to go on their merits. SF is very different. Also there have not been mass problems with commercial RE loans yet although with a weak economy anything can go south eventually. Now some of the S&L stuff was tied to commercial developers but that was more the good old boys trying to make a buck or $20. I actually quit a job in Texas circa 1983 because I saw some of the early signs of the stuff they were pulling with multiple resales at inflated prices. At one time the soon to be disgraced Ben Barnes was a client. His first deal that I worked on was OK but after than he got too greedy. I mostly work on office, industrial and retail projects but I have done some large residential development deals.</p>

<p>This was the actual project–looks like it’s doing OK now. We did the market analysis and investment evaluation for it pre-construction.</p>

<p>[Estates</a> Above Lost Creek The, Austin, TX](<a href=“Housealmanac.com”>Housealmanac.com)</p>

<p>Here’s another big Austin project I did the financial work on–it was the first high-rise condo project in Austin around 1982. </p>

<p><a href=“http://www.towersoftownlake.com/default.asp[/url]”>http://www.towersoftownlake.com/default.asp&lt;/a&gt;&lt;/p&gt;

<p>And the Big One</p>

<p>[Trump</a> Towers - Las Vegas](<a href=“Trump Las Vegas Residences”>http://www.trumplv.com/)</p>

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<p>It’s called greed (totally predictable).</p>

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<p>The Housing Bubble Blog has been on the case for many years and wrote the script for what has happened long before it has happened. There are many trading sites that called this years ago too.</p>

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<p>At least Citi is making good on some of its sleazy investments.</p>