Michelle Meyer, the new darling of wall street, and for good reason, just take a look at the video below to see why, went from working as the economist at Lehman Brothers to Barclays Capital to her current position at BofA Merrill Lynch Global as their senior economist.
To me, that’s quite a run in a very short period of time, from the firm that epitomizes the financial collapse, Lehman Brothers, to prognosticating about the current housing market for BofA, one of the worst offenders in the subprime mortgage collapse, with all of their Country Wide loans still on their books. She’s got her work cut out for her.
And, it’s like, are we now supposed to listen to her predictions about the market when she was at a firm that failed? Should we hold all of this against her. She’s so pretty, too. Can’t we just let this all go by the way side, ignore her past? I think so.
She seems to know what she’s talking about and even willing to have a different opinion than Brian Moynihan, her boss. Meyer has stated she expects a 5% decline in the housing market while Moynihan is giving a more optimistic 1.4 percent decline. Who are you supposed to believe? A former Lehman Brothers economist or Brian Moynihan. I say she knows what she’s talking about. Just listen.
“There’s a long and painful path before the housing market looks normal,” Meyer said in an April 20 interview on Bloomberg Television’s “Bottom Line” with Mark Crumpton. “Our view is that we’ll see a 5 percent drop in national home prices this year; it could be larger. The increased share of distressed sales will continue to exert downward pressure on home prices.”
What do you think? Are you willing to buy Bank of America right now or do you wait for the housing market to find it’s bottom in maybe, 2012.