Bulletins - 2009 - 09/02/2009
This
Week's Bulletin Was Written
By Jenny K. Goodman, Esq.
President Karen Green promptly started the meeting. Our invocation invoked the inspiring words of Mother Theresa. The club gave a very credible rendition of America the Beautiful.
Scott Carr gave away $85 in cash to raffle winner Marti Hess who promptly gave it back to the club. Linda Jalving thanked everyone for helping to vote Jewels by the Sea as the second best jeweler in La Jolla after a third generation store. Dave Ferguson gave kudos to Don Lang who purchased one of the club's best golf outing packages at our fundraiser only to have every day of his trip rained out. Jeramy Larson noted how setting up an enormous Thomas the Train set handed down to him by a friend lead his children to declare it was the best day of their lives. Rosalie Kramm won a gift card. Bobbi Spinner Flack thanked all the Red Badgers for their involvement.
Several Club 33 guests as were four soon to be members. Jeramy Larson reported that all four, who have been guests for the past several weeks, had submitted membership applications.
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Dave Ferguson gave an update on the Holes for Heroes event scheduled for September 25th at the Admiral Baker Golf Course. Still taking money, sponsors and golfers.
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Leah Swearingen announced she was trying to fill a table for the upcoming Foundation for Women gala to be held on September 25th. A great alternative if you are not attending the golf tournament.
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Pat Cowett and Robyn Bottomly announced that the social event for going to the play "Sammy's" would be preceded by several dinner options. Event is October 8th. RSVP to Pat or Robyn.
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John Addams announced that the YMCA mentoring program is still accepting volunteers.
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Maureen Eberle invited everyone to join her at the Soup Plantation for a going away dinner for some of the scholars.
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Mel Gallegos reminded everyone of the Foundation Seminar on September 12th. Sign up on the District website.
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Jonathon Stone scheduled a Program Committee meeting for immediately following our breakfast meeting.
Jonathon Stone introduced our speaker, his former professor, Dr. Mark Reidy from teh Burnham-Moores Center at USD. Dr. Reidy is the former CEO of Fannie Mae, which he noted was profitable when he was the CEO. Dr. Reidy created the graduate real estate program at USD and is helping to develop an undergraduate program as well. On January 29th, the Center will hold its 14th annual Real Estate Conference and this year's speaker will be Sam Zell. Dr. Reidy thinks recovery is in the real estate segment is coming but that it is is more an issue of financing right now. Dr. Reidy opined that the FDIC would fail if it were not for TARP and other government programs. Everywhere you look the market is being stymied because no one is adding staff. TARP helped stop the bleeding but most of that money won't come in until 2010-2011. There has been a flight to quality. In the commerical market, apartments are doing okay but retail space is a disaster and will get worse. Office space is weak too. in 1989/1990, commercial backed securities were created but the last one was in June 2008 because there is no market for them now thanks in large part to companies like AIG that lumped so many risky investments into the commercial securities. Mortgage rates are at a historical low but none of the banks are willing to finance. Everyone in the real estate industry made the erroneous assumption that real estate prices would continue to grow which is why the real estate industry is in such a dissarray now. Intermational communities don't trust us and are not buying into economy. It will likely be 2-3 years before there is a true recovery. Despite his "optimistic and uplifting" discussion, the club thanked Dr. Reidy for his insight.
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