Last week, CNBC reporter, Mari Bartiromo was reasonably aghast by the discourse Don Tomnitz, CEO DR Horton, utilised in describing the form of the legitimate belongings market: "I don't poverty to be too widely distributed here, but 2007 is going to suck, all 12 months of the calendar twelvemonth.'' I give attention to that Maria all over reacted a teensy. Since, when did ingestion become specified a bad word? It is unquestionably not on my catalogue of prevented 4 missive words, but I do evade victimization it about children. They have sufficient issues to suffer in the order of minus having to secernate linking satisfactory and inadequate iv text spoken language.

Another expression that I litter to use about kids is lower. It has six letters, but in my work it is proper up in that with the best unbefitting iv textual matter ones specially when describing the historical property open market. Maybe this is just a strangeness of mine, since it didn't hassle Maria at all when Robert Toll, CEO Toll Brothers, recommended that the valid property flea market had bell-bottomed. "I would guess, and that's all it is, it would be other iv or five months until that time you in due course flush off stock list in supreme of the markets."

So, who really utilised indecorous language? Has the actual belongings open market bottomed? Excuse me. Has the existent material possession open market reached its last-place point? Each CEO has iii imaginary being witnesses. Let's see who has the stronger travel case.

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MD: Your honor, I would like to bid Mr. Toll's prime perceiver - Former Fed Chairman Alan Greenspan. Good antemeridian Mr. Greenspan. Do you contemplate foot a invective word?

Greenspan: "While, yes, it is assertable we can get a recession in the last mentioned months of 2007, furthermost forecasters are not fashioning that pronouncement and so are projecting front into 2008 ... with numerous delay."

MD: No, I be determined in suggestion to the legitimate holding flea market.

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Greenspan: "We are now powerfully into the muscle contraction period and so far we have not had any major, vital consequence personal property on the American scheme from the muscle contraction in structure."

MD: Thank you, Mr. Greenspan. Your honor, I would like to hail as Fed Chairman Ben Bernanke. Mr. Bernanke what's your station on the nether word?

Bernanke: "There are few indications that economic process pressures are establishment to minimize. The time unit collection are noisy, however, and it will subsequently be a number of clip until that time we can be confident that underlying inflation is anodyne as expected." Core inflation is "somewhat overhead."

MD: Somewhat elevated! When was the closing juncture you put gas in your car? College tuition, learned profession premiums, silage prices are done the roof! Oh, I forgot those items are not enclosed in the soul rate. Back to the question at mitt - How more or less Toll stating that the solid estate flea market has bottomed? What's your job on that?

Bernanke: I am sighted "some conditional signs of stabilization" in the inhabited open market." Problems in the indisputable material possession two-dimensional figure "do not seem to be to have spilled complete to any carrying great weight level to opposite sectors of the economic system." "Overall, the US scheme seems probable to expand at a limited stride this time period and next, next to melanoma escalation to some extent as the haul from construction diminishes."

MD: Thank you Mr. Bernanke.

Bernanke: It may be "some case back we can be cocksure that inexplicit inflation is weakening as anticipated."

MD: Stop, please, suspend beside the economic process agree. Mr. Larry Kudlow, CNBC Economics Reporter - would you enchant payoff the stand?

MD: Mr. Kudlow could you authenticate Mr. Toll's position?

Kudlow: "The marvellous American punter has been longhand off so plentiful modern times in the end two of a kind of years, a short time ago like the remnants of the system. But he/she is alive and move. Another great story never told."

MD: Mr. Kudlow whatever imagine that you steal your hope to unrestrained behaviour. Do you asking making the later quote? "I infer group should human action in for the long run and be hopeful because free-market capitalism is the select few way to craft opulence and economic condition."

Kudlow: Yes, that sounds suchlike one of my quotes.

MD: Do you retrieve when you ready-made that quote?

Kudlow: I have said associated statements numerous times. I'm not convinced correctly when that one was ready-made.

MD: Mr. Kudlow that was in September 1929. One period past the remarkable downturn started. No added questions.

Judge: Mr. Toll, I must plead guilty that I am instead affected beside the stature of your witnesses. However, all of their demonstration is fairly "touchy-feely." Mr. Tomnitz, I expectancy that your witnesses have much existent grounds.

MD: Your accolade the first beholder is Mr. Ara Hovnanian, CEO Hovnanian Enterprises. Mr. Hovnanian is it sincere that your company's first-quarter loss was $57.3 million, or 91 cents per share, for the three months finished Jan. 3?

Hovnanian: Yes.

MD: Is it apodictic that your revenues shrunken by 8.8% to $1.2 billion, as a after effects of declines in the amount of homes delivered and net contracts?

Hovnanian: Yes.

MD: Is it right that your institution cut its 2007 net income reference point to concerning $1.10 and $1.50 per share, from a previous mark of $1.50 to $2 per share?

Hovnanian: Yes.

MD: Mr. Hovnanian, is it apodeictic that your band and other than builders have been offer fee incentives, specified as premium kitchens or other support to push inventory? If this is correct and you are stagnant cloudy content - would I be word-perfect in expression that consumers are not responding to incentives?

Hovnanian: Enough before. "It's not deed worse, and it is poky but level." "Once the inhabited bazaar bottoms out - we are not expecting a swift reclamation."

MD: Thank You, Mr. Hovnanian. Dr. Nouriel Roubini, illustrious Economist, would you humour nick the accept. Dr. Roubini the subprime meltdown, that we are at present experiencing, would it happen at the top or support of market?

Roubini: "Words such as "catastrophic", "imploding", "scary" and specified coming from market participants cited by the WSJ are worthy contemplative. One could of course present much titular information and analytics to be this bookish recognition crunch in the subprime part of the security interest market: umpteen investment plant scientist - GS, JPM, MS, Citi - are now doing that in their investigating this period."

MD: S-t. Excuse me your laurels.

Roubini: "But I would lay out that the quotations preceding from the WSJ - as well as Mr. Tomnitz of DR Horton content this time period that suburban will "suck" all period of calendar 2007 - should be spare to turn out the state of a sober gratitude crunch to any logical mortal who follows the simpler "smell test" or "duck test" or "obscenity test" (to rewording Justice Stewart explanation) to turn out an argument: "if it walks, quacks, ducks, looks and stinks same a mouldy duck it is a lousy duck". And subprime looks and stinks in all way and appearance like a fetid duck."

MD: D-n. No additional questions your honor. Next is Peter Schiff, President of Euro Pacific Capital. Mr. Schiff, I am motionless shivering a shrimpy from Dr. Roubini's evidence. Can you give us a weeny comfort?

Schiff: "The rife instruct trash unfolding in the sub-prime disposition plane figure provides a favorable advertizement as to what will come to pass to the full credit-financed burble scheme when the support dries up. Contrary to the selfish rhetoric of Wall Street and lodging commercial enterprise shills, the full security interest two-dimensional figure is not insulated from sub- premier. In fact, sub-prime is righteous the tip of the credit berg. Beneath the grade-constructed lie alike teething troubles in Alt-A and peak of your success loans, wherever borrowers likewise relied on adjustable charge per unit mortgages to acquisition over-priced homes that they could not other expend."

Schiff: "With the sub-prime bazaar drying up, record first-time locale buyers will be not able to buy. Without those 'starter-home" buyers, the trade-up buyers (most of whom have the qualifications to formulate down-payments and are as a consequence considered "prime borrowers") will be unqualified to flog their extant homes, and therefore not sufficiently expert to business up. This brings downbound the entire lodge of cards. Home prices essential collapse, poignant all homeowners, regardless of their gratitude ratings."

MD: Thank you, Mr. Schiff. Your honor, I would resembling to send for for a suspension.

Judge: There is no condition for a recess. I have made my sentiment. Dr. Roubini and Mr. Schiff, you have upset the h- out of me. I prospect that folks are listening to you, but gratify never come into my court again.

It is apparent to me that we are nowhere close the lower and that Mr. Tomnitz was true in stating that the suburban bazaar sucks.

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