Utah lost one it's great people Sunday. James LeVoy Sorenson died of cancer Sunday at the age of 86. Unfortunately, I never had the opportunity to meet Mr Sorenson personally, but he still remains one of my heroes. There have been few people who have lived a life so full of meaningful inventions, businesses, real estate, and philanthropy endeavors.
He was born during the depression. A fact that I believe can never leave a person. Through his hard work and thriftiness he created useful businesses and bought land. My impression of him from years of newspaper clippings and magazines on one of Utah richest men has been: 1) His ability to create something useful and innovative. This is the man that invented the disposable surgical mask... something ever person in America has seen. 2) At the age of 86 it doesn't sound like he slowed down much. I've been hearing about him all over the place in recent years. I'm intrigued with anyone who is still accomplishing things past the age of 70. 3) He sounded like a really down to earth man that didn't live his billionaire status on his sleeve.
Tuesday, January 22, 2008
ABOUT FREAK'N TIME
The Federal Reserve announced a rate cut of 3/4 a percent today. ABOUT FREAK'N TIME. Our banks, businesses, and people are in need of cash. And yet, I still think we need to lower the rates more.
This whole slow down has been related back to the house bubble and credit crisis. Banks have been bleeding for the past 8 months, and the housing market is in complete confusion. "How much is a house worth?" has become a good question. You mean how much was it worth last year? Last month, or today?
The only way I can see us getting out of this mess is to 1) lower the rates in a huge way.Get more money into the system, get investors picking up inventory homes and sitting on them instead of letting all these builders and tight owners loose their shirts. 2) Get this credit mess in check. To be honest, this is a huge mess and I haven't come up with an answer I love yet. There are still horrible loans out there available for people who don't have the credit, income to debt ratio, or understanding. I'm working a short sale right now where I'm just sick to my stomach on the debt these people have and how easily they can go pick more up tomorrow. The entire industry needs to be cleaned up. I don't necessarily mean government regulation or intervention.
This whole credit crisis is enormous! And will not end because some huge banks are going under.
This whole slow down has been related back to the house bubble and credit crisis. Banks have been bleeding for the past 8 months, and the housing market is in complete confusion. "How much is a house worth?" has become a good question. You mean how much was it worth last year? Last month, or today?
The only way I can see us getting out of this mess is to 1) lower the rates in a huge way.Get more money into the system, get investors picking up inventory homes and sitting on them instead of letting all these builders and tight owners loose their shirts. 2) Get this credit mess in check. To be honest, this is a huge mess and I haven't come up with an answer I love yet. There are still horrible loans out there available for people who don't have the credit, income to debt ratio, or understanding. I'm working a short sale right now where I'm just sick to my stomach on the debt these people have and how easily they can go pick more up tomorrow. The entire industry needs to be cleaned up. I don't necessarily mean government regulation or intervention.
This whole credit crisis is enormous! And will not end because some huge banks are going under.
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