2009 will not be the Endless Summer—but it may be the beginning of Spring.
—THOMAS J. BARRACK, JR.
The Good, the Bad, and the Rogue Wave
My friend Tom Barrack of Colony Capital is a brilliant guy, and he sent me an article he wrote in late November of 2008 with the headline: “Today’s Debt is Equity Plus a Few Suggestions to Help President-Elect Obama Ease the Pain.” He bullet-pointed the latest events pertaining to the economy—twenty-two of them—and I realized that at any other time, just a few of these would be huge topics in themselves. It’s a good indication of how alert we need to be.
His CliffsNotes summary: “Real estate is experiencing ...