A specific version was launched on iPhoneA problem also faced the French entrepreneurseconomy in deceleration phase read also page 302 of the starts of dwellings in December 1Go take a small black without white smokeAn investment that sponsors want to make profitable at bestAs this nomadic life help to feed its styleIn 2006 this percentage deflects slightly 21The distinction is subtle but fundamentalElementary but applying for municipal councillorsGreat Wall Street name, Wilbur Ross is a financial specialist in investment in companies in great difficulty. Former of the Rothschild Bank, where he was specialized in bankruptcy records, Wilbur Ross took its independence and created his own Fund in 2000. After investment in the textile, steel, coal, or automotive equipment, he is now interested in different segments of a housing sector in crisis. In anticipation of the explosion of the bubble for several years, it involves the decline of the culture of the risk in the United States. But he demonstrated a degree of optimism.
Why the collapse of the housing bubble there was such an impact on the US economy.
The increase in the real estate market has been a global phenomenon. England in the France, passing through the Spain, no major country has been spared. But speculation has been a uniqueness in the United States. Here, the speculation also hit the bottom of the scale of the market. In the entry-level housing was seen people offer goods that they could not afford and that they lacked even the intention to occupy. Speculation has been widespread and disproportionate. In a city like Miami, there are today 24,000 unoccupied to sell apartments and 25,000 more will be delivered in the coming twelve months. It's huge. In a normal year, Miami was never absorbed more than 5000 housing!
With securitization, Wall Street yet thought it could be saved even if the real estate bubble burst
Securitization has good as bad sides. The positive aspect is that this has helped to make liquid markets as those of the indebtedness of households which were little. Conceptually, this is good. But the development of securitization has not been accompanied by the establishment of a proper culture of the risk. On the contrary, it forgot to measure the risk, it simply to diffuse. At the time, it will see probably not as in the past a large institution to fail because of too great exposure to a specific risk. But, on the other hand, all players of the financial system, in all countries, are more or less contaminated. There is no death but many patients.
According to you, is the worst yet to come to Wall Street
I think that the worst is over. We have confirmation on the publication of the audited annual reports. We have new management teams in many institutions who want to make a new start and listeners that, since the scandals and trials such as Enron and its impact on Arthur Andersen, Editor's note, know that they can be prosecuted. Hope so that nasty surprises will be behind us once published the accounts of the last quarter, but keep in mind that we had reached a situation in which the CEO did not understand or did not know exactly what were their teams.
Investment groups that dominated Wall Street last year won't suffer in this new environment less favorable to debt
Asset prices will fall, and it is a good thing for the players in the "private equity". They benefited from an environment with low interest rates and facilities on the debt front, but the prices of the companies have singed. At the end of a period of adjustment, they will fall, which will allow the "private equity" actors who have the means to get the deals which will be may be smaller but not necessarily less profitable.
