Zack come on, Media is barely a friend to us. They over exhadurate everything, always have and always will. All this news of recession puts people into a paranoid state of mind. I'm not just talking Media and real estate, but when it comes to anything. Kids and hip hop music, video games, etc... I grew up watching horror movies and violent movies and turned out just fine, I used to listen to "Grangsta Rap" back in my days none of that influenced me to do anything stupid, nor has it influenced anyone of my friends. Yet media bashes our violent music and violent movies for kids being corrupted. If they didn't have anything to bash they wouldn't be in the News business.
Thats all I have to say regarding that.
Regarding job loses it is very unfortunate and I do feel extremely bad for anyone who lost a job, a friend of of my lost a job at J.P. Morgan and she held a senior position. Regarding Citigroup, they are the one's who are responsible for all that is happening right now.
Many of our brokers have worked in this industry for decades, and have seen our markets go up and down like a rollercoaster, people pull through and at the end if you buy smart and you can afford to buy it is a smart investment. People need to live somewhere, and not everyone wants to pay close to $5K for a 2 bedroom in an OK building as a rental.
Lets agree to disagree, you make some valid points, and I strongly believe that New York is unlike any other market that will hold its own in tough times.