Word: expect
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...bottom line: Securities analysts now expect the fourth quarter and 2009 to be much tougher on corporate America than they did just a month ago. Part of this new burst of cynicism is coming from the brutally candid earnings that guidance companies have been providing lately. "What management is saying on these [conference] calls is basically 'Life sucks,'" says Van Dijk. (He titled his investment report for the close of October "Halloween Comes Early: The Drop in Earnings Expectations Is Scarier Than Any Witch or Werewolf That Shows Up at Your Door...
When Lehman Brothers calls up [Treasury Secretary Hank] Paulson, what do you expect them to say? "Gosh, I got to worry about my Maserati or my plane payments?" No. They call up and shriek about systemic risk. Come on. Investment banks have been going bankrupt for hundreds of years and the world has still somehow survived. This approach has never worked. This is what the Japanese did in the 1990s. They refused to let anyone fail. And they had zombie banks and zombie companies. The way the system is supposed to work is when we have bad times, the assets...
...last piece of the last residential construction crane in Miami is coming down, and locals don't expect to see another one for a while. Developers threw up some 23,000 housing units along South Beach and its environs beginning in 2003, many of them bought by speculators who thought they could flip the properties for a quick profit. Then the music stopped. "Our best guesstimate--and we've talked to lenders and developers--is that you will not see a residential construction crane in the sky in downtown Miami for a generation," says Peter Zalewski, a real estate broker...
...expect a do-over from the outgoing Administration, but not a paper-over that would rescue speculators. FDIC chief Sheila Bair has been pushing to use new loan-guarantee authority passed under the $700 billion banking bailout to adjust troubled homeowner mortgages. The plan would provide $50 billion from the government to be tapped as insurance for banks willing to adjust mortgages in a loss-sharing agreement. The FDIC would guarantee any losses on loans readjusted for homeowners who can show a 38% debt-to-income ratio, similar to what the FDIC worked...
...expect he'll be able to deliver a speech Tuesday night or Wednesday morning...