Monday, August 3, 2009

The Greater Depression

BXP's Mort Zuckerman: "The Economy Is Worse Than It Looks"
07/28/2009 11:57 -0500

One would think that if anyone had an interest in painting an overly optimistic picture for the economy in general, and commercial real estate in particular, the Chairman of office uber-REIT Boston Properties would be it. Nope. Morty is about as bearish (or realistic as Zero Hedge likes to call it) as they come. Mort focuses not only on the worse than represented unemployment numbers, but the lower consumption, the lower confidence, and the overall much weaker economy than represented. "The government is addressing not the real economy but the confidence in the economy." Sobering words from a man who knows.

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