> ---- Original Message ----- > From: David B. Shemano > > I spent the weekend at the California Bankruptcy Forum annual conference, > which was held in Indian Wells near Palm Springs. Nothing like golfing > in 115 degree weather. Wilbur Ross was the luncheon speaker. He > certainly has a commanding presence. He is investing big time in the > morgage and loan servicing business. He thinks it will take another year > to work out of the present mess. His statements were relatively > conventional wisdom. He shared the following anecdote. His son, a Wall > Street investment banker, was golfing at his club on Long Island, and his > caddy asked him for some advice. Apparently the caddy owned ten condos > in Arizona and wanted to know whether he should walk away from the > mortgages. Ross' son asked some questions of the location of the > properties, etc., and the caddy had no clue. That is is the crisis in > Ross' eyes -- people with no clue getting loans from people with no clue > and then making investments with no clue. > > > > > It's called the genius of capitalism. There's a great quote from > Keynes, I don't have it at hand, business investment is one big crap > shoot (words to that effect). > > > > > >
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