Today’s best quote [OK, yesterday's] has got to be by Bob Toll, chief executive of Toll Brothers Inc.,who was speaking at the Credit Suisse 2007 Homebuilder Conference:
NEW YORK, Sept 18 (Reuters) - The Federal Reserve’s rate cut sent U.S. home builder shares soaring, but one influential home builder said the half-percentage point cut may be sending the wrong message.
"I would have done a quarter instead of a half because it signals we’re in deep doodoo," said Robert Toll, chief executive of luxury home builder Toll Brothers Inc.
[Thank you L!]
Off topic, here’s a good article on bad news overseas. Funny how this stuff doesn’t get much attention here, except for some flack to go on CNN and try to calm worries. Meanwhile the UK paper has a whole section devoted to the credit crunch.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/19/bcnsaudi119.xml