Via Reuters:
TEL AVIV (Reuters) - A revival in the U.S. real estate market, key to a recovery in the world economy, should begin by next spring, property mogul Sam Zell told an Israeli business conference on Sunday.
"I believe that in a country that continues to grow and where the population continues to grow, we will see the first signs of equilibrium in the housing market in the spring of 2009 and I will expect by spring 2010 the housing market in the U.S. will look a lot better," Zell said.
Zell ... Zell ... Zell ... the name sounds familiar, right? Oh, yeah:
Zell is the owner of Tribune Co, publisher of the Chicago Tribune and the Los Angeles Times, which filed for Chapter 11 bankruptcy protection last week.
Why the press continues to cover (with a straight face)--or conferences continue to pay--people who are so spectacularly wrong about their fields of endeavor is a total mystery.