For the first time in my life, I was mistaken

Seriously, folks, I uncharacteristically overreacted in my post last Friday about Wall Street’s breathtaking plunge the previous day.  Is my face red.

Although I was correct in predicting that the market would close lower on Friday, I was rash in expecting that the events of Thursday would kill the Big Apple’s housing recovery until fall.

I make this acknowledgment after surveying several lawyers, lenders and brokers, despite some notable short-term effects. Continue reading

Thursday’s roller-coaster ride was no amusement

Thursday was one of those days that will go down in stock market history.

I was working at my desk and, as I frequently do, had a TV tuned to MSNBC yesterday afternoon.  So I witnessed the horrifying plunge of the Dow Jones Industrial Average by nearly 1,000 points and then it’s partial recovery in second and minutes.

Although I’m no economist, I don’t see why it would be foolhardy of me to make one prediction for when the New York Stock Exchange closes today:

The Dow will be lower than at the opening. Continue reading