apan's weakening economy suffered a new blow Thursday as the rapidly falling dollar pushed the yen past the 100-yen-to-the-dollar milestone for the first time in 12 years, threatening the country's export machine.
The penny parity with the yen increases the likelihood that the world's No. 2 economy will slow significantly just as the danger of a U.S. recession mounts.
If the dollar continues to fall, "we now face a considerably high possibility of having a situation that can be defined as a recession," said Hiroshi Shiraishi, a Lehman Brothers economist in Tokyo.
totally OT but I can't hold back -
just got final loan commitment on a multi-million dollar C&D CRE loan for a commercial property in DC.
dancing a jig all over the place yeeeeepppeeeeeeeeeeeeeeee!
i doubled down ten times on this deal and it worked out.
yes, its preleased. yes, the leases are strong credits with letters of credit. yes, i have construction completion guarantees and bonds. yes, i have sufficient debt reserves. yes, i am so so so so so happy
You should also account for the fact that wages will likely remain stagnant for some time to come due to labor arbitrage. Not only do houses have to come down in value, it is doubtful that inflation will cause much in the way of wage pressure from the other direction. We don't have strong unions like we once did in the 70s.
OT -- today's purchases of S&P 500 futures by the schmucks/hedgies/PPT were 25% above their prior record, set on Nov. 8, '07 (per my manual, possibly incomplete records).
They are desperate for cover, and are throwing money at the problem.
probert, right now I'm thinking '08 will be the worst year for percentage declines (close to '07 based on Case-Shiller). It's just a guess - obviously prices will fall this year because of Supply (too much) and Demand (falling).
2009 could be just as bad - we just have to wait and see how everything plays out this year.
--
For those who want to see daily price movements while waiting for Case-Shiller...
Latest Radar Logic Data On Home Prices Signal Continued Trouble For CA, Especially, Silly.con Valley
The price decline for the latest 8-day period (looking at the preceding 28-days of transactions) is at 1.5% a month rate for all metros and 5% a month for the 5 CA metros. For a change, San Jose Metro is leading with 9% a month rate of decline (PPSF down 2.4% in the latest reported 8 calendar days).
I think 2009 will be worse than 2008, and it could possibly be 2010. A lot of the predictions here are spot on re: technical analysis (okay well "spot on" good enough for me), but the timing is way hard to predict. Just go back and look at your 2006, 2007 predictions... I think they lag by about a year.
Wheat prices on the South African Futures Exchange (SAFEX) have been rising since the beginning of the year, tracking a global price surge triggered by supply worries.
Output in some of the world's major wheat producing countries has been affected by extreme weather conditions that has damaged crops.
South Africa -- Africa's third largest producer of the grain -- produced only 1.84 million tonnes of wheat last year despite consumption of about 2.8 million tonnes a year.
The record high prices in South Africa have fuelled fears that the country could be facing another wave of food price hikes only a couple of months after sharp bread price increases sparked a national outcry.
Also see: The strain of stem rust, known as UG99, because it emerged in Uganda in 1999, spreads thousands of miles on the wind and it is thought it may have arrived in Pakistan.
\t
Scientists who met in Syria this week have been discussing emergency measures to prevent the strain getting to India's breadbasket, the Punjab.
The concern is that it might progress from there to China making worse the shortages of wheat which emerged last year as a result of the Australian drought and the use of grain in America to make biofuels.
I just saw a program on The Plague the other night and there is still some uncertainty as to why The Plague spread so fast. The posibility of a stem rust like entity is interesting, e.g, "spreads thousands of miles on the wind".
This type of virus-like condition wheather financial, or commodity related is interesting, because just as with financial modling which often fails, this spread of problems, which is not planned for, can have dramatic impacts!
As an example... your #1 prediction for 2006. 1) Interest Rates: Like most investors, I expect the Fed to raise the Fed Funds rate 25 bps at each of the next two meetings to 4.75% in March ... And like many observers, I expect the Fed to start lowering rates later next year as the economy slows. But here is the surprise, I think long rates will start to rise when the Fed starts cutting the Fed Funds rate.
This will be Bernanke's "conundrum"! As the economy slows, this will reduce the trade deficit and also lower the amount of foreign dollars willing to invest in the US - the start of a possible vicious cycle.
I'm not an economist, just some guy who found this blog and trusts the financial analysis and anonymous commentators more than my local nightly news... isn't this prediction exactly what happened at the end of 2007 and is going on now? (I know others around here will correct me if I'm wrong...)
lawyer's are always great for loose lips...
BSC...I hear the Governor of Connecicut is pushing for a split of the biz, a)-the executive staff
b) everyone else
thanks to everyone's kind comments. i know i'm often one of the 'others' on here as part of the real estate industrial complex but holy crap.
Randy-
what i meant by doubled down ten times is that there were many moments at which i could have sold and taken a loss instead i 'doubled down' and rode it out and its really paying off. fully entitled, fully leased, fully financed.
this is the one to ride into the sunset.
it seriously could have been (and in many cases looked like it was going to be) The End for me.
and instead its gonna PAY for The End for me and my family. amazing!
NEW YORK (Reuters) - Standard & Poor's said on Thursday write-downs for large financial institutions on subprime debt are likely past the halfway mark, but could still hit $285 billion.
S&P's estimate of write-downs was up from the $265 billion figure it published in January, but the credit ratings agency said an end to subprime write-downs was in sight.
"The positive news is that, in our opinion, the global financial sector appears to have already disclosed the majority of valuation write-downs of subprime asset-backed securities," S&P credit analyst Scott Bugie said in a report.
More write-downs could be in store outside the subprime sector, however, S&P cautioned.
Since the beginning of the year the value of gold has increased by about 20%"
No, the price of gold in dollars has increased by about 20 percent. There's a difference. The decline in the value of the dollar against other currencies accounts for a substantial amount of the increase.
girlbear, good luck with the gold; it can be heady stuff. But if you see it as a sort of value hedge, an insurance policy, your bet on gold is a little less nervous-making.
If the value of the dollar goes down, your gold will go up to compensate (it's worked so far, anyway). And if the value of gold goes down, it's probably because your dollars are strong, and that's nice, too. And your loss on gold is the insuranc premium.
I understand....Thanks......I'm that way right now on a ton of short leaps on citi, MS, FNM, IVV, and DJX. I'm up 50-100% profit on most but I've seen it go both ways pretty quickly......I really think the market is going to tank more than it has but Benny keeps pulling crap that stops it...... I may just sell it all on the next down trend and sit on the side and watch......:>
Adding a gratz, dc1000 - like dryfly you are real 'boots on the ground' - this seems to reinforce that much of the ballyhoo about a credit crunch is a simple return to sanity in lending standards...
I just bought 50k of gold today (physical)...hope I didn't buy at the peak....
Yikes. All at once? That's ... umm ... that's bold.
I made a prediction on one of these comments pages a couple of months ago (with gold back in the low $800s) that it was going to "top-tick" at $1,002, $1,005, something like that, for the same reason that the Nazz top-ticked just over 5,000 ... not because of fundamentals, but because there're always people out there who want the claim to fame of driving it to the round number more than they want the money.
My views haven't changed all that much in the interim, and my fear for you is that gold (and a lotta other commodities) have 75-100 bps next week completely baked in. Meaning it won't jump on the news the way it has on the past few rate cuts, but ... if the Fed decides to stiffen its spine and cuts, say, only 50 bps ... hoo boy, look out below.
In other words, moderate long-term upside, but at the risk of severe short-down downside.
I wish you the best, though ... and knowing me, I'll be sitting here smacking myself when it blows through $1,500 in a few months.
jin:
my experience is not reflective of the market except that the banks head their heads up my you know what for weeks looking around every corner for the boogie man. verified everything. checked everything. commercial financing is no joke. and this time even more stringent.
so, i wouldnt say anything about the 'market' warming up or anything - just that after a multi-year slog i got this sucker financed.
stipulated sum contract with penalties, bonds, and completion guarantees. and i also have my own GC division that will be doing intense CM work on that project. now its just another building project for us!!
Given that IMF graph showing Alt-A resetting in 2010-2011, and Tanta's calculation? guess? of the Option ARMs recasts ending up in the same timeframe, I see either a later or at least a much longer bottom. I don't see how inventory can stop increasing until those things run their path. And let's not forget Agency debt.
stipulated sum contract with penalties, bonds, and completion guarantees.
Sounds pretty bulletproof. Good work.
Now back to this Bear Sterns thing...
Just one week ago I was talking to someone who bought a 5.5% bond from them.... "Come on, they cant go under..." was the quote if i remember correctly...
When considering home price declines, wouldn't it be correct to say that relatively all of the mortgage money outstanding is in the Case-Shiller cities?
I mean, instead of thinking of price declines in terms of "cities" or in terms of "houses," we need to think of it in terms of "total value" and in those terms Case-Shiller catches what's going on better than OFHEO.
energyecon-
tini time started early. got the champagne chilling on ice for when the rest of the crew gets back to the office. my dad is a postal employee - so i'll let that comment slide
SDS, you're onto something--it's really not relevant to the world how far housing prices fall in Binghamton. Almost by definition, most housing wealth is in bubble areas, which C-S focuses on.
Since when have economists been right about anything? And now they're the experts we turn to for guidance. Buy now and buy in large amounts, this economy is about to take off again.
Here is an idea. Have the government offer a 20% down-payment on home loan (they would be the holder of the 2nd mortgage) and if the buyer meets the credit score, then maybe the banks would consider giving them a loan.
This might break the credit crunch, minimize the tax payer's exposure, reduce the home inventory.
If we hold to the historical qualifications for a home loan, then we will avoid a repeat of the bubble.
Housing prices will fall until people can afford to buy them - really buy them, instead of taking out a toxic "explode-a-loan" and losing the house in a few years.
Adding in out of control inflation, lousy wages, vanishing jobs, etc. and people aren't going to be able to afford much in the future.
Calculated Risk wrote, For previous local housing bubbles, it took about 5 to 7 years from peak to trough - and that is my expectation this time too.
I think the big factor here is interest rates.
Prices have declined recently without interest rates exploding.
The sh*t will really hit the fan when rates go up a lot. I don't think that will happen in the next year, but the idea that this low interest rate environment is going to last forever is crazy.
Very warm congratulations. Those moments of achievement after tons of hard work are always special. Enjoy the celebration. Next time I'm in DC I'll let you know and we can grab a drink and you can tell me all about it.
apan's weakening economy suffered a new blow Thursday as the rapidly falling dollar pushed the yen past the 100-yen-to-the-dollar milestone for the first time in 12 years, threatening the country's export machine.
The penny parity with the yen increases the likelihood that the world's No. 2 economy will slow significantly just as the danger of a U.S. recession mounts.
If the dollar continues to fall, "we now face a considerably high possibility of having a situation that can be defined as a recession," said Hiroshi Shiraishi, a Lehman Brothers economist in Tokyo.
Economist Survey: House Prices to Fall in 2008 and 2009
falls out of his chair
totally OT but I can't hold back -
just got final loan commitment on a multi-million dollar C&D CRE loan for a commercial property in DC.
dancing a jig all over the place yeeeeepppeeeeeeeeeeeeeeee!
i doubled down ten times on this deal and it worked out.
yes, its preleased. yes, the leases are strong credits with letters of credit. yes, i have construction completion guarantees and bonds. yes, i have sufficient debt reserves. yes, i am so so so so so happy
that is all!
an OT Whee for dc!
Dunno, CR, I'd say 2009 will be the worst, since the broad economy will be adding its misery to that already affecting housing throughout that year.
CR,
I thought you believed that there will be a large %percent decline in BOTH 08 & 09, followed by smaller declines.
You should also account for the fact that wages will likely remain stagnant for some time to come due to labor arbitrage. Not only do houses have to come down in value, it is doubtful that inflation will cause much in the way of wage pressure from the other direction. We don't have strong unions like we once did in the 70s.
@dc1000
educate me. what does "doubled down ten times" on the deal mean??? Sorry I'm so thick....:>
dc1000
Congrats on the deal.
That would explain your absence...glad to have you back.
PS - I haven't had a good Cuban in, oh, about 13 years...
OT -- today's purchases of S&P 500 futures by the schmucks/hedgies/PPT were 25% above their prior record, set on Nov. 8, '07 (per my manual, possibly incomplete records).
They are desperate for cover, and are throwing money at the problem.
May they lose their shirts, and soon.
probert, right now I'm thinking '08 will be the worst year for percentage declines (close to '07 based on Case-Shiller). It's just a guess - obviously prices will fall this year because of Supply (too much) and Demand (falling).
2009 could be just as bad - we just have to wait and see how everything plays out this year.
Best Wishes.
Congrats DC
ot to be to sarcastic dc, but is Haliburton your buyer?
dc1000, congrats! You've been a great contributor over the years - and it seems you've navigated the construction problems very well.
Best Wishes!
Congrats dc!
The price of gold reached a record, trading at $1,000 an ounce for the first time, pushed higher by a weak US dollar and fears about the US economy.
Concerns about a possible US recession are seeing investors buy up commodities such as gold as an alternative to company shares and the US dollar.
Since the beginning of the year the value of gold has increased by about 20%, after it rose 32% in 2007.
Gold will stay high as long as dollar and growth fears remain, analysts said.
--
For those who want to see daily price movements while waiting for Case-Shiller...
Latest Radar Logic Data On Home Prices Signal Continued Trouble For CA, Especially, Silly.con Valley
The price decline for the latest 8-day period (looking at the preceding 28-days of transactions) is at 1.5% a month rate for all metros and 5% a month for the 5 CA metros. For a change, San Jose Metro is leading with 9% a month rate of decline (PPSF down 2.4% in the latest reported 8 calendar days).
Jas
I think 2009 will be worse than 2008, and it could possibly be 2010. A lot of the predictions here are spot on re: technical analysis (okay well "spot on" good enough for me), but the timing is way hard to predict. Just go back and look at your 2006, 2007 predictions... I think they lag by about a year.
Wheat prices on the South African Futures Exchange (SAFEX) have been rising since the beginning of the year, tracking a global price surge triggered by supply worries.
Output in some of the world's major wheat producing countries has been affected by extreme weather conditions that has damaged crops.
South Africa -- Africa's third largest producer of the grain -- produced only 1.84 million tonnes of wheat last year despite consumption of about 2.8 million tonnes a year.
The record high prices in South Africa have fuelled fears that the country could be facing another wave of food price hikes only a couple of months after sharp bread price increases sparked a national outcry.
Also see: The strain of stem rust, known as UG99, because it emerged in Uganda in 1999, spreads thousands of miles on the wind and it is thought it may have arrived in Pakistan.
\t
Scientists who met in Syria this week have been discussing emergency measures to prevent the strain getting to India's breadbasket, the Punjab.
The concern is that it might progress from there to China making worse the shortages of wheat which emerged last year as a result of the Australian drought and the use of grain in America to make biofuels.
And the MarkIt roundup:
About 1/3 new lows (curb diving?!) in the ABX, lower rated newer issues....
And in CMBX, everything A and below ticked a new high.
Plus:
CP 30 day spread running 76 basis points and a week of contraction for outstanding balances (both ABCP and total CP)
Congratulations to dc1000!
Way to go, DC! Hard work always pays off.
I just saw a program on The Plague the other night and there is still some uncertainty as to why The Plague spread so fast. The posibility of a stem rust like entity is interesting, e.g, "spreads thousands of miles on the wind".
This type of virus-like condition wheather financial, or commodity related is interesting, because just as with financial modling which often fails, this spread of problems, which is not planned for, can have dramatic impacts!
ALERT!!!!
From one of the regulars at the HBBlog:
"just spoke to my wife and her employer whose husband is an attorney @ bear stearns and rumor around the office is possible bankruptcy
As an example... your #1 prediction for 2006.
1) Interest Rates: Like most investors, I expect the Fed to raise the Fed Funds rate 25 bps at each of the next two meetings to 4.75% in March ... And like many observers, I expect the Fed to start lowering rates later next year as the economy slows. But here is the surprise, I think long rates will start to rise when the Fed starts cutting the Fed Funds rate.
This will be Bernanke's "conundrum"! As the economy slows, this will reduce the trade deficit and also lower the amount of foreign dollars willing to invest in the US - the start of a possible vicious cycle.
I'm not an economist, just some guy who found this blog and trusts the financial analysis and anonymous commentators more than my local nightly news... isn't this prediction exactly what happened at the end of 2007 and is going on now? (I know others around here will correct me if I'm wrong...)
Re: bear stearns and rumor around the office is possible bankruptcy
I thought everyone knew that?
lawyer's are always great for loose lips...
BSC...I hear the Governor of Connecicut is pushing for a split of the biz, a)-the executive staff
b) everyone else
i'd love to get a piece of B..
c&c: that would be huge if true!
Looks like the non-seasonally adjusted numbers are back to sucking wind:
FRB: H.3 Release--Aggregate Reserves of Depository Institutions--December 3, 2009
dc1000,
Congratulations. There's not a shortage of money available for high-quality CRD deals in non-bubble markets.
There's just a severe shortage of high-quality deals. But yours sounds good, so good luck.
I just bought 50k of gold today (physical)...hope I didn't buy at the peak....
You mean glod? (inside CR joke)
like "frist" and "teh" ...
"Since the beginning of the year the value of gold has increased by about 20%..."
sorry to hijack the thread CR.
thanks to everyone's kind comments. i know i'm often one of the 'others' on here as part of the real estate industrial complex but holy crap.
Randy-
what i meant by doubled down ten times is that there were many moments at which i could have sold and taken a loss instead i 'doubled down' and rode it out and its really paying off. fully entitled, fully leased, fully financed.
this is the one to ride into the sunset.
it seriously could have been (and in many cases looked like it was going to be) The End for me.
and instead its gonna PAY for The End for me and my family. amazing!
i'm simply euphoric.
dc1000:
Is this NoVa or sub Maryland?
Total writedowns to date are...what in the ~$125-$150 billion range? MSM reportage strains credulity (bacon dreamz falls out of chair)
End in sight to subprime mortgage writedowns: S&P
By Dena Aubin
NEW YORK (Reuters) - Standard & Poor's said on Thursday write-downs for large financial institutions on subprime debt are likely past the halfway mark, but could still hit $285 billion.
S&P's estimate of write-downs was up from the $265 billion figure it published in January, but the credit ratings agency said an end to subprime write-downs was in sight.
"The positive news is that, in our opinion, the global financial sector appears to have already disclosed the majority of valuation write-downs of subprime asset-backed securities," S&P credit analyst Scott Bugie said in a report.
More write-downs could be in store outside the subprime sector, however, S&P cautioned.
[snip]
Since the beginning of the year the value of gold has increased by about 20%"
No, the price of gold in dollars has increased by about 20 percent. There's a difference. The decline in the value of the dollar against other currencies accounts for a substantial amount of the increase.
girlbear, good luck with the gold; it can be heady stuff. But if you see it as a sort of value hedge, an insurance policy, your bet on gold is a little less nervous-making.
If the value of the dollar goes down, your gold will go up to compensate (it's worked so far, anyway). And if the value of gold goes down, it's probably because your dollars are strong, and that's nice, too. And your loss on gold is the insuranc premium.
homedad:
dc proper
@dc1000
I understand....Thanks......I'm that way right now on a ton of short leaps on citi, MS, FNM, IVV, and DJX. I'm up 50-100% profit on most but I've seen it go both ways pretty quickly......I really think the market is going to tank more than it has but Benny keeps pulling crap that stops it...... I may just sell it all on the next down trend and sit on the side and watch......:>
Adding a gratz, dc1000 - like dryfly you are real 'boots on the ground' - this seems to reinforce that much of the ballyhoo about a credit crunch is a simple return to sanity in lending standards...
Congrats Dc1000
Do you feel CRE begins to warm up again?
I just bought 50k of gold today (physical)...hope I didn't buy at the peak....
Yikes. All at once? That's ... umm ... that's bold.
I made a prediction on one of these comments pages a couple of months ago (with gold back in the low $800s) that it was going to "top-tick" at $1,002, $1,005, something like that, for the same reason that the Nazz top-ticked just over 5,000 ... not because of fundamentals, but because there're always people out there who want the claim to fame of driving it to the round number more than they want the money.
My views haven't changed all that much in the interim, and my fear for you is that gold (and a lotta other commodities) have 75-100 bps next week completely baked in. Meaning it won't jump on the news the way it has on the past few rate cuts, but ... if the Fed decides to stiffen its spine and cuts, say, only 50 bps ... hoo boy, look out below.
In other words, moderate long-term upside, but at the risk of severe short-down downside.
I wish you the best, though ... and knowing me, I'll be sitting here smacking myself when it blows through $1,500 in a few months.
dc1000
find a liquid reit fast- call PSB they are looking to buy and have cash!!!
Money....run!
Someday this war's gonna end...
dc1000 Congrats! Must feel good. Just watch that general contractor like a hawk. We're a squirly bunch!
Randy,
I'm heavy on PUTs, too, but I'm sittin' tight. Something's gonna break soon, too much happening for it not too.
jin:
my experience is not reflective of the market except that the banks head their heads up my you know what for weeks looking around every corner for the boogie man. verified everything. checked everything. commercial financing is no joke. and this time even more stringent.
so, i wouldnt say anything about the 'market' warming up or anything - just that after a multi-year slog i got this sucker financed.
ades:
stipulated sum contract with penalties, bonds, and completion guarantees. and i also have my own GC division that will be doing intense CM work on that project. now its just another building project for us!!
dc1K,
just don't get all liquored up and go postal on us
Given that IMF graph showing Alt-A resetting in 2010-2011, and Tanta's calculation? guess? of the Option ARMs recasts ending up in the same timeframe, I see either a later or at least a much longer bottom. I don't see how inventory can stop increasing until those things run their path. And let's not forget Agency debt.
stipulated sum contract with penalties, bonds, and completion guarantees.
Sounds pretty bulletproof. Good work.
Now back to this Bear Sterns thing...
Just one week ago I was talking to someone who bought a 5.5% bond from them.... "Come on, they cant go under..." was the quote if i remember correctly...
When considering home price declines, wouldn't it be correct to say that relatively all of the mortgage money outstanding is in the Case-Shiller cities?
I mean, instead of thinking of price declines in terms of "cities" or in terms of "houses," we need to think of it in terms of "total value" and in those terms Case-Shiller catches what's going on better than OFHEO.
Now that the republican supply siders have completetly destroyed the economy, how do you suppose we extricate ourselves from this mess?
energyecon-
tini time started early. got the champagne chilling on ice for when the rest of the crew gets back to the office. my dad is a postal employee - so i'll let that comment slide
Paulson is on NPR - new report on lending industry recommends voluntary stuff ... that sure worked before!
Most of the street hates Bear, always seemed to screw others before they got screwed (ala LTCM). no one's coming to their rescue.
SDS, you're onto something--it's really not relevant to the world how far housing prices fall in Binghamton. Almost by definition, most housing wealth is in bubble areas, which C-S focuses on.
dc1000,
Grats!
Cheers,
The failure of globalism has become crystal clear for everyone. Lets hope its the end of it.
Since when have economists been right about anything? And now they're the experts we turn to for guidance. Buy now and buy in large amounts, this economy is about to take off again.
The Case-Shiller National index probably overstates the price declines
CR why do you think the CS index overstates declines?
I'm heavy on PUTs, too, but I'm sittin' tight. Something's gonna break soon, too much happening for it not too.
The PUT volume on this market is huge. I think there will be one more pop in the market to wash out some of the shorts.
DC1000, I'm so glad for you. It takes grit in these conditions.
"Tim writes:
The Case-Shiller National index probably overstates the price declines"
Case-Schiller dramatically understands the decline.
--
Many states have been in recession since July 2007. CA is one of them.
Jas
Congrats dc1000. I expect that DC and nova will pick up as other economies slow down.
Here is an idea. Have the government offer a 20% down-payment on home loan (they would be the holder of the 2nd mortgage) and if the buyer meets the credit score, then maybe the banks would consider giving them a loan.
This might break the credit crunch, minimize the tax payer's exposure, reduce the home inventory.
If we hold to the historical qualifications for a home loan, then we will avoid a repeat of the bubble.
Better than nothing at all?
Bob- Here's an even better idea:
Instead of having the gov. pay the 20% downpayment, howzabout we let the price of a home fall to where Americans can afford to pay their own 20% DP?
Worked pretty well when we used to do it that way. Why mess with a proven thing?
Housing prices will fall until people can afford to buy them - really buy them, instead of taking out a toxic "explode-a-loan" and losing the house in a few years.
Adding in out of control inflation, lousy wages, vanishing jobs, etc. and people aren't going to be able to afford much in the future.
Go long beans, guns, and whiskey!
Calculated Risk wrote, For previous local housing bubbles, it took about 5 to 7 years from peak to trough - and that is my expectation this time too.
I think the big factor here is interest rates.
Prices have declined recently without interest rates exploding.
The sh*t will really hit the fan when rates go up a lot. I don't think that will happen in the next year, but the idea that this low interest rate environment is going to last forever is crazy.
dc1000
=)=)=)
Very warm congratulations. Those moments of achievement after tons of hard work are always special. Enjoy the celebration. Next time I'm in DC I'll let you know and we can grab a drink and you can tell me all about it.
Best
Canadama