It's really getting treated with skepticism. Investors have turned in their rose-colored glasses for accounting visors.

I vividly recall Charlie Clough being fired in early 2000 coincident with the market top. He was wildly bearish. Nobody has ever accused brokerage management of having good timing.

The inventory of unsold homes has been building in the past four or five months - which is not surprising, as affordability has gotten stretched and stretched, and creative financing has grown more absurd.

The company faces the dual challenge of lower power system orders and a likely hiatus in jet production.

It looks like that initial response on Friday was misplaced. This lacks imagination, lacks creativity, lacks forward thinking, lacks youth.

In the downturn I foresee, no market will be immune. But New York will weather the decline better than other markets.