Wednesday, August 12, 2009

Quote of the day

AlphaNinja - I've previously expressed concern that there isn't enough "real" economic activity going on out there for one to call a bottom in this recession-->> too many companies are citing federal stimulus funds (instead of private industry) as their only source of optimism in the near term.

Earlier today I was on the phone with an executive at a publicly traded HVAC (Heating, Ventilating, & Air-Conditioning) company. Discussing the company's backlog (expected revenue over 6-18months usually), he said it was shifting from private projects to strictly government spending.

It's an exxageration, and better-run competitors might beg to differ, but I'll share his sentiment:

"There's no private building going on ANYWHERE."

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