News
Guynn Shares Insights
May 19, 2010
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| Yesterday morning, we found C&W broker Ken Ashley, Hines marketing SVP John Heagy, and former Atlanta Fed prez Jack Guynn at a Hines-sponsored broker breakfast. Jack, who was the speaker, has been the subject of national media attention lately. In the minutes from a 2004 Fed meeting (just released) Jack warns about a potential housing bubble. When asked yesterday about his premonition, he said he knew "things didn't feel right in residential real estate," like the widespread property flipping. But he said he didn't predict the mega crisis that ensued: "Like almost everyone else, I didn't really appreciate all the things that were going on under the covers." | |
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| We took this of the Atlanta Financial Center as brokers departed. The sun was shining, and based on Jack?s comments, the crowd could feel good about the direction of the economy. Jack sits on the boards of three publicly traded companies and is involved with other businesses and non-profits, so we listened closely when he said ?without exception, every industry that I have a window into is seeing a light at the end of the tunnel.? What could shake our nascent recovery? He's most worried about the financial crisis in Greece, especially if the damage spills into Spain, Portugal, then the global economy: ?But I don't think there's a good chance we'll fall back in a hole. We are clearly on a path to recovery.? | |
