Words of wisdom regarding this market and economy….
9
Jul
This was sent to me by a Tiffini Anderson, a friend and mortgage broker with CTX mortgage in Reno Nevada. I thought it was interesting and I have spoken to many folks more experienced than I about this market as well so I can relate to this converstation:
A little blog for 7/8/08
I spent fourth of July playing bridge at Lake Tahoe with a “relative”. She is actually not a relative, but one of those people your parents have been friends with your whole life, so they feel like an aunt or something. Anyway, she is seventy-eight years old and has been a broker with Merrill Lynch in San Francisco her whole career. She has no plans to retire although she is richer than Rockefeller. Having worked in investment banking since the mid twentieth century, she had this to say about the current financial market place:
“Oh God, Tiffini, don’t worry about the market. For God’s sake, these banks like to implode every decade or so whether they need to or not!”
I’m very proud of the fact that this is the third economic down turn cycle I have worked through. The first was the recession of 1991, the second was the recession of 2001 and now the “what will we call this” of 2008. Having worked through three such cycles, does give you some hope of recovery. Since we seemed to have been through this with the S&L crisis, and let’s not forget 9/11, it does seem possible that we will find a way to get on top again.
Marilyn, my “relative””, reminded me that she had won and lost several large fortunes over the years. She reassured me that it is just a matter of “keeping on keeping on”.
Actually, this month looks better in many ways than last month. But yesterday’s FNMA news displeased the stocks again. Makes you wonder when they will see that their whining is causing problems and stop whinning. Really, if you translate their media speak, what they are actually saying is, “We’d like to have more money in the bank.” Seems funny to me, since they have a government guarantee, and about 75 billion dollars liquid on their balance sheets. That equates to about 10% of what the government takes in in tax revenue per year. They clearly have enough to cover any sub prime mess. Now they are just being overly cautious because they want reserves for all of the really great loans they own. I love cautious, but let’s not freak the stock market out with that comment.
Sincerely,
Tiffini R. Anderson
CTX Mortgage Company
6900 S. McCarran Blvd. Suite 2020
Reno, NV 89509
Cell 775-843-7758 Direct 775-448-9722
Toll Free 800-829-8505
Office 775-829-8555 Fax 775-829-8558
www.ctxloanofficer.com/tiffinianderson
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