'The thrill is back' economist tells RELA meeting.The Real Estate Lenders Association (RELA) held a breakfast at The Sky Club at the MetLife Building The MetLife Building, originally called the Pan Am Building, is a skyscraper located at 200 Park Avenue in New York City. History The Pan Am Building was the largest commercial office building in the world when it opened on March 7, 1963. with guest speaker James E. Glassman of JPMorgan Securities, Inc. who provided an economic outlook for the end of 2003 into 2004. Glassman, director and senior economist, U.S. Economic and Policy Issues Research at JPMorgan Securities, was strongly optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op , saying that "the thrill is back", "the global economy is more synchronized syn·chro·nize v. syn·chro·nized, syn·chro·niz·ing, syn·chro·niz·es v.intr. 1. To occur at the same time; be simultaneous. 2. To operate in unison. v.tr. 1. than ever before" and "there is something profoundly positive in the U.S. economy." He told the meeting, "The 2001 recession was not what it looks like, but what it feels like." "Production growth was so high, so great, that it felt harder and stronger." The feeling of the recession was also exacerbated by such events as the September 11th attacks On September 11, 2001, in the deadliest case of domestic Terrorism in the history of the United States, a group of 19 terrorists hijacked four U.S. airliners for use as missiles against targets in New York City and Washington, D.C. , repercussions repercussions npl → répercussions fpl repercussions npl → Auswirkungen pl from the fear of terrorism and the war in Iraq. Glassman opines Opines are low molecular weight compounds found in plant crown gall tumors produced by the parasitic bacterium Agrobacterium. Opine biosynthesis is catalyzed by specific enzymes encoded by genes contained in a small segment of DNA (known as the T-DNA, for 'transfer DNA') that the U.S. is heading a global revival and our trading partners are not far behind. Indicating that business needs to see 3 to 3-1/2% growth before they begin to hire, Glassman feels it won't be long--Thanksgiving, in fact--before business sheds the caution that has been the byword by·word also by-word n. 1. a. A proverbial expression; a proverb. b. An often-used word or phrase. 2. of the last few years, begins investing in technology equipment and software and lifts hiring freezes to increase productivity. Glassman also predicted a continuing positive outlook for real estate. He said that when there is no inflation (which Glassman predicts will continue along with a period of price stability), there is a positive outlook for residential and commercial real estate. Glassman added that, with the exception of commercial construction, the real estate industry will not particularly benefit from economic expansion. Referring to the Federal Government, which is predicting 4-5% growth, Glassman said that, "Personally, I don't think we need a lot of help from Washington, but we're getting it anyway." "The Feds are flooring it. When you see Washington focused like this, you're not supposed to fight it, but believe it will work." With the consumer segment picking up and business watching carefully, Glassman feels we are on our way to a real recovery with inflation gone. "The expansion we're going into has a lot of promise and may be the longest of all time," he concluded. For infor about RELA, call 212-692-9379. |
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