Thursday, April 16, 2009

When it rains...

Some people are now saying that the recession has hit its lowest point and is just about done. Actually, on MSNBC they're supposedly telling people that the recession is over. Little old me has been telling people (in my everyday life) that this is all nonsense because commercial real estate is due to crash tout de suite, given all the problems in the retail sector.

Et... voilà! Reuters- ''General Growth Properties Inc, the second largest U.S. mall owner, filed for bankruptcy protection on Thursday in one of the biggest real estate failures in U.S. history.''

It sucks to be right.


Brian Dunbar said...

I supposedly work in an industry that will be the first to recover: our North American sites are still doing one-day-a-month mandatory days off.

Not me of course - I'm salaried. But the guys on the line.

From my POV, actually, this is pretty cool. We get a wide-open maintenance period in the middle of the day. Yowzah.

Rufus said...

Yeah, I guess I'm lucky- I'm supposedly in a 'growth industry', although we'll see how long that will last with the combination of a recession in a blue collar community and ever-rising tuition prices.