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By Walden Siew
NEW YORK (Reuters) - The current recession will last at least three years and possibly longer absent a revival in credit markets, according to investors who specialize in distressed debt and bankruptcy.
"This is going to be a three- to four-year disaster," said Michael Psaros, managing partner at KPS Capital Partners, at a restructuring conference in New York.
The United States is going through a "Great Recession," which will provide investors in distressed assets with unprecedented opportunities, he said.
"We are going to invest an awful lot of money this year," Psaros said on Thursday. "There is an inexhaustible supply of bad management out there."
KPS Capital, which manages special situations funds and private equity funds with capital exceeding $1.8 billion, largely sat on the sidelines last year. The firm is ramping up its investments this year, he said.
Originally posted by projectvxn
I believe what you are alluding to is a resource based economy without the use of money. And I advocate that. But we have to work within the system to make changes to it.
Originally posted by projectvxn
Indeed, I wish people would take a look at these ideas, but alas the whole point of economies is to control, control, control. And those who are in control do not give it up so easily..Even when they are screwing it up.
Originally posted by projectvxn
And your efforts are applauded. At least by me.
And I will read your book, but don't expect me to agree with everything. I tend to be solutions oriented and if I find things in there that can be done better I will certainly speak up, if for no other reason than for you to release a second edition.
Originally posted by projectvxn
I keep up with modern science more than most people. There are very few ideas, as a result, that seem "out there" to me. The more out there it seems the better, because the path to these things lead us to better things along the way.
...An alarming report by Mark Pittman and Bob Ivry of Bloomberg News emphasizes the point.
"The Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation have lent or spent almost $3 trillion over the past two years and pledged to provide up to $5.7 trillion more if needed," the Bloomberg duo revealed..
.