Friday, September 19, 2008

Financial Markets: Who is to blame and what are the billionaire's doing?

Mike Bloomberg: "You can’t just blame the banks, you also can blame the people that took out mortgages ... We were brought up that you first had to put some savings together and then enjoy. But this whole society has gotten to the fact that we’re a ‘now, give it to me today’ kind of society. I think regulation has not been adequate.

"There’s no one person to blame other than all of us," he added.
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"One thing that I noticed about two years ago was that financial sector of the American economy had grown to percentages that were greatly disproportionate to history," he said. "The financing part of the economy grew much more than the part that was making and selling something. It will be shrinking at least for a while."
When does the housing market bottom? Catsimatidis, who has extensive real estate holdings in the New York area, says, "Home prices stabilize when they equal the cost of actually building of home plus the cost of the land plus a premium for location."
©AP Photo/Tony Dejak
Mark Cuban

"Any company that is built around the need to add debt is in trouble," says Mark Cuban, owner of the Dallas Mavericks and founder of HDNet.
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