Says Cubs owner Sam Zell, on CNBC’s Squawk Box this AM: “I think … we’re going to fix the credit markets by creating a big enough spread between the risk-free cost of capital and what’s available so that greed overtakes fear and the game begins again.”
Nevermind lost houses, oil headed for $4 a gallon, or massive gov’t bank bailouts in the tens of billions, Zell understands it’s Democrats making the economy suck out loud, not reality:
(Obama, pictured, sabotages an otherwise
healthy economy.)
“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.”
Ben,
For when do you forecast this $4/bl oil?
I was going by what the experts (so-called) have to say:
http://www.iht.com/articles/2008/02/27/business/26gasweb.php
— my own economic forecasts are usually derived from WWE pay-per-view costs per fiscal quarter. The news about Mayweather getting $20m, even after the Fed’s interest rate cuts and Bernanke’s predicting today a sluggish economy for some time to come, mean that Mayweather has to do a tremendous heel turn or the economy is fucked.
Ben
DUH. Sorry, I just realized — $4/gallon. Not barrel, as I first wrote it. Sorry to dent the credibility of CSTB.