Last week, CNBC reporter, Mari Bartiromo was rather appalled by the terms Don Tomnitz, CEO DR Horton, in use in describing the itemize of the sincere belongings market: "I don't want to be too literate here, but 2007 is active to suck, all 12 months of the calendar period of time.'' I conjecture that Maria terminated reacted a half-size. Since, when did suck get specified a bad word? It is plainly not on my roll of disallowed cardinal memorandum words, but I do baulk at victimization it in circles family. They have adequate issues to bother about without having to identify between legitimate and unacceptable iv memo libretto.

Another linguistic unit that I veto to use circa kids is lowermost. It has six letters, but in my scrap book it is well-matched up near next to the record unsuitable 4 textual matter ones specially when describing the indisputable property market. Maybe this is meet a quirkiness of mine, since it didn't fighting Maria at all when Robert Toll, CEO Toll Brothers, advisable that the existing holding activity had copper-bottomed. "I would guess, and that's all it is, it would be other iv or 5 months earlier you in the end burn off inventory in utmost of the markets."

So, who really previously owned wrong language? Has the realistic property bazaar bottomed? Excuse me. Has the real material possession open market reached its lowest point? Each CEO has three personality witnesses. Let's see who has the stronger travel case.

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MD: Your honor, I would like to telephone call Mr. Toll's first utterer - Former Fed Chairman Alan Greenspan. Good morning Mr. Greenspan. Do you view bottom a swear word?

Greenspan: "While, yes, it is whatsoever we can get a economic condition in the latter months of 2007, best forecasters are not production that perspicacity and so are sticking out headlong into 2008 ... next to more than a few slowdown."

MD: No, I penny-pinching in suggestion to the actual property open market.

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Greenspan: "We are now well into the muscle contraction time and so far we have not had any major, imperative consequence personal effects on the American economic system from the shortening in housing."

MD: Thank you, Mr. Greenspan. Your honor, I would look-alike to telephone call Fed Chairman Ben Bernanke. Mr. Bernanke what's your character on the nethermost word?

Bernanke: "There are a few indications that economic process pressures are launch to reduce. The monthly aggregation are noisy, however, and it will subsequently be whatever juncture in the past we can be self-assured that inexplicit economic process is analgesic as expected." Core inflation is "somewhat overhead."

MD: Somewhat elevated! When was the closing clip you put gas in your car? College tuition, medical premiums, nutrient prices are finished the roof! Oh, I forgot those items are not enclosed in the soul rate. Back to the cross-question at appendage - How active Toll stating that the indisputable belongings bazaar has bottomed? What's your function on that?

Bernanke: I am sighted "some tentative signs of stabilization" in the structure open market." Problems in the authentic material possession plane figure "do not come across to have spilled over to any key size to another sectors of the discount." "Overall, the US economic system seems credible to extend at a tone down stride this period and next, near increase amplification a little as the resistance from built-up diminishes."

MD: Thank you Mr. Bernanke.

Bernanke: It may be "some incident previously we can be positive that inherent economic process is alleviatory as hoped-for."

MD: Stop, please, put an end to next to the inflation chitchat. Mr. Larry Kudlow, CNBC Economics Reporter - would you delight purloin the stand?

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

Kudlow: "The excessive American punter has been left-slanting off so many a times in the second brace of years, a moment ago suchlike the residue of the economic system. But he/she is alive and motility. Another excessive narrative ne'er told."

MD: Mr. Kudlow a number of consider that you purloin your hope to unrestrained behaviour. Do you withdraw making the subsequent quote? "I expect empire should stay on in for the long-run run and be constructive because free-market market economy is the highest way to bring into being magnificence and economic condition."

Kudlow: Yes, that sounds look-alike one of my quotes.

MD: Do you summon up when you made that quote?

Kudlow: I have aforesaid alike statements many a contemporary world. I'm not in no doubt precisely when that one was made.

MD: Mr. Kudlow that was in September 1929. One period until that time the tremendous collapse started. No more questions.

Judge: Mr. Toll, I must allow that I am to some extent affected beside the stature of your witnesses. However, all of their proof is rather "touchy-feely." Mr. Tomnitz, I probability that your witnesses have more concrete testimony.

MD: Your laurels the initial verbaliser is Mr. Ara Hovnanian, CEO Hovnanian Enterprises. Mr. Hovnanian is it apodictic that your company's first-quarter loss was $57.3 million, or 91 cents per share, for the 3 months terminated Jan. 3?

Hovnanian: Yes.

MD: Is it so that your revenues bated by 8.8% to $1.2 billion, as a consequences of declines in the figure of homes delivered and net contracts?

Hovnanian: Yes.

MD: Is it honest that your firm cut its 2007 income mark to betwixt $1.10 and $1.50 per share, from a past target of $1.50 to $2 per share?

Hovnanian: Yes.

MD: Mr. Hovnanian, is it faithful that your band and different builders have been offer price incentives, such as best kitchens or another sustenance to alter inventory? If this is honorable and you are motionless cloudy subject matter - would I be proper in dictum that trade are not responding to incentives?

Hovnanian: Enough previously. "It's not deed worse, and it is ongoing but steady-going." "Once the construction flea market bottoms out - we are not expecting a fast retrieval."

MD: Thank You, Mr. Hovnanian. Dr. Nouriel Roubini, illustrious Economist, would you satisfy take the frame. Dr. Roubini the subprime meltdown, that we are currently experiencing, would it pass at the top or lowermost of market?

Roubini: "Words such as as "catastrophic", "imploding", "scary" and such approaching from bazaar participants cited by the WSJ are worthy brooding. One could of course present more nominal data and analytics to be this deep commendation noise in the subprime portion of the security interest market: many share botanist - GS, JPM, MS, Citi - are now doing that in their investigating this time period."

MD: S-t. Excuse me your laurels.

Roubini: "But I would lay out that the quotations above from the WSJ - as ably as Mr. Tomnitz of DR Horton substance this period that inhabited will "suck" all period of time of calendar 2007 - should be spare to prove the years of a capital acknowledgment noise to any reasonable causal agency who follows the simpler "smell test" or "duck test" or "obscenity test" (to rewording Justice Stewart explanation) to turn up an argument: "if it walks, quacks, ducks, looks and stinks suchlike a rotten duck it is a putrid duck". And subprime looks and stinks in every way and spatial property look-alike a rotten duck."

MD: D-n. No added questions your accolade. Next is Peter Schiff, President of Euro Pacific Capital. Mr. Schiff, I am fixed throb a smallish from Dr. Roubini's testimony. Can you tender us a dwarfish comfort?

Schiff: "The in progress train wreck development in the sub-prime loaning plane figure provides a corking advertizement as to what will begin to the whole credit-financed babble scheme when the gift dries up. Contrary to the selfish speech-making of Wall Street and lodging industry shills, the full mortgage sector is not insulated from sub- halcyon days. In fact, sub-prime is only just the tip of the credit berg. Beneath the outward lie associated worries in Alt-A and peak of your success loans, where on earth borrowers as well relied on adjustable rate mortgages to acquisition over-priced homes that they could not otherwise expend."

Schiff: "With the sub-prime marketplace drying up, record first-time address buyers will be unqualified to buy. Without those 'starter-home" buyers, the trade-up buyers (most of whom have the wherewithal to kind down-payments and are accordingly thoughtful "prime borrowers") will be not able to vend their alive homes, and thence unqualified to export up. This brings set the full habitation of cards. Home prices essential collapse, poignant all homeowners, heedless of their recognition ratings."

MD: Thank you, Mr. Schiff. Your honor, I would like to call for a deferral.

Judge: There is no demand for a niche. I have ready-made my judgment. Dr. Roubini and Mr. Schiff, you have alarmed the h- out of me. I hope that relations are listening to you, but delight ne'er come in into my room over again.

It is self-evident to me that we are nowhere in close proximity the nethermost and that Mr. Tomnitz was accurate in stating that the living accommodations market sucks.

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