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Thanks for inviting me to be your speaker for the Greater Miami Chamber of Commerce Trustee Luncheon. I appreciate this chance to speak to the business leadership here in your city.
Already this year I have given several speeches on the economy, and in my earlier remarks to other groups I provided a picture of a U.S. economy that was very weak but in a position to begin a modest recovery during the second half of the year.
Also, in these speeches I talked about a number of risks to this outlook. In my remarks today, I will elaborate on two of those risks, specifically residential and, especially, commercial real estate.
I believe this focus should interest you since real estate is a very important contributor to south Florida's economy and, for that matter, to the Southeast region overall. Problems in residential real estate are well known. But with continued economic weakness I'm increasingly paying attention to commercial real estate.