TODAY - October 22, 2010 - From Yahoo! News:
Prices plummet at world's tallest building
A year after the Burj Khalifa's completion, about 825 of the tower's 900 apartments are empty. Cost of renting
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----------------Dear Readers:
I realize that it is mean-spirited to say this, but it looks like an ambitious, costly and elitist real estate project is going to fail because:
1. There seems to be an acute shortage of "stupid money" -- people are spending money to survive...and those who have significant resources are starting to believe that some of these ego-motivated luxury consumption items may either decline in value (no "greater fool") would have the giant pile of money needed to facilitate any resale of these "Tut Tombs.") or just be a deadly liquidity trap;
2. People, in general (even many of the ones who used to believe that they could pay off God to suspend the Laws of Physics if He would only accept a check), are becoming familiar with Sir Isaac Newton's notion of "what goes up, must come down." They are seeing Newtonian Economics and they are frightened at what they are repeatedly witnessing.
3. It's tough to get any of the "too big to fail" financial institutions to extend even the wealthiest, best-established familes credit for "super-jumbo" mortgages, home improvement loans, or even money to finance the occasional teak or zebrawood end table with diamond inlays.
...I also suspect that the "incident" at the World Trade Center in New York City ("9-11") has created an aversion, on the part of many people (whether or not they participated in the plotting, financing or execution of one of the most hideous and notorious terrorist attacks ever perpetrated on U.S. soil), to "living too high." This must be what you Humans refer to as "irony."
Oh well....that's it for now. But wait...
By the way, can you imagine how many profitable, productive, job-creating, technology-advancing, industrious, value-added emerging enterprises in the U.S. might have been financed with the proceeds used to erect this giant phallic symbol? Gee...working at TNNWC Group, LLC, I can think of many ways in which our emerging enterprise Membership base could have used those funds to produce a genuine, sustainable private-sector stimulus.
Faithfully,
Douglas Castle
Douglas Castle
Toll-Free Telephone: 888.317.6498
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