by Calculated Risk on 11/28/2008 09:10:00 AM

"Conditions have deteriorated on a scale and with a speed that no one could have predicted just a few months ago. Market conditions of unprecedented strength are roiling the world's financial markets. The global economy is either in, or close to, recession and 2009 is not likely to be a year of great recovery."
Brett White, president and chief executive officer of CB Richard Ellis, recent letter to clients, from the LA Times: CB Richard Ellis feels industry's pain

And a few months ago White wasn't exactly optimistic:

“Decreased investment volumes have now become evident in all parts of the world. ... I can best describe the current environment as being very challenging and still having a high probability of getting worse before we see improvement."
Brett White, president and chief executive officer of CB Richard Ellis, July 30, 2008