Eli Broad, the billionaire investor and KB Home (KBH) founder, says we’re in the worst recession since World War II, and that a housing market recovery is years away. In an interview with Bloomberg, Broad also said that the banking industry may need to raise even more money to protect against bad loans — a grim prediction for an industry that has already posted about $400 billion in accounting losses.
Tuesday, July 01, 2008
Worst Recession Since World War II?
From Fortune Magazine:
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What Broad really means is since the depression; this quagmire is likely to last along time until the needed economic reforms are made.
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