L.A. Land, name this economic cycle
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How long will we be in this abyss? From Reuters Thursday:
The current recession will last at least three years and possibly longer absent a revival in credit markets, according to investors who specialize in distressed debt and bankruptcy. ‘This is going to be a three- to four-year disaster,’ said Michael Psaros, managing partner at KPS Capital Partners, at a restructuring conference in New York. The United States is going through a ‘Great Recession,’ which will provide investors in distressed assets with unprecedented opportunities, he said. ‘We are going to invest an awful lot of money this year,’ Psaros said on Thursday. ‘There is an inexhaustible supply of bad management out there.’
Two things here:
First, yes this is a business and finance story and not real estate -- and that’s a photo of New York, not L.A. -- but I love that quote: ‘There is an inexhaustible supply of bad management out there.’ That could apply on so many fronts these days. It seems truer words were never spoken.
Second, I’ve been wondering for a while now what to call this economic cycle. Great Recession may stick, but I bet L.A. Land readers can come up with some pretty good contenders. The floor is open.
-- Lauren Beale
Thoughts? Comments?
