Great article- http://www.careerjournal.com/article/SB123025736834034741.html. The last paragraph is a good summary: "The rush to declare the future bleak has obscured the fact that no one knows the outcome of an unprecedented event. No one. The worst course in the face of uncertainty is blind faith in conventional wisdom and past patterns. The best is to stay humble in the face of the unknown,... [more]
Great article- http://www.careerjournal.com/article/SB123025736834034741.html. The last paragraph is a good summary: "The rush to declare the future bleak has obscured the fact that no one knows the outcome of an unprecedented event. No one. The worst course in the face of uncertainty is blind faith in conventional wisdom and past patterns. The best is to stay humble in the face of the unknown, creative and unideological about solutions, and open to the possibility that as quickly as things turned sour they can reverse."
In many postings, people are saying that they know where prices will go, referncing the late 80's/early 90's as if it were a boilerplate that can be applied now.
I am writing this thread to provoke a discussion of what is the same as that downturn and what is different? Let's try to limit information/discussion to the manhattan market. For example, how do current crime rates compare to the last cycle? How about total employment before the downturn? Mortgage rates? Etc.?
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