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December 06, 2006

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Eric

Marcus! So sorry I've been remiss in contributing to a topic that really hits home. Your assessment of New Orleans is on-the-mark: very fair and clear-headed. I hope I can offer some comfort to your friend Glenn so he isn't forced to leave due to deflating home prices, since most of the deflation naturally follows an unrealistic inflation of real estate, back when demand far exceeded supply. Since the real estate bubble is bursting everywhere, I would hope that, unless his situation is dire, he rides through what is likely to be a moderate setback as the market finds a normalized center in this region. Sure, prices will never be where they were in November of 2005, but they are likely to escalate again in the long run.

That said, optimism is still scattershot around here, no doubt exacerbated by the recent re-election of a representative who kept $90,000 in his freezer, revealed through a federal raid. His re-election no doubt hardens people's sympathies toward Louisiana, as they begin to deduce that the state still has an incredibly high tolerance for corruption (such a deduction would be pretty accurate). An absence of strong leadership can scarcely help motivate the local population, which certain explains why overall perceptions are that Mississippi is far more advanced in its recovery initiatives.

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