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Welcome to the Nosedive Economy, Apollo Founder Says

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Down in Florida the private equity bigwigs are holding a conference--they're calling it "Super Return 2008"--fittingly taking place in the Blackstone owned Boca Raton Resort & Club. (You remember it as the place where Blackstone founder Steve Schwartzman offended everything Japanese.) Josh Harris, one of the founders of the Apollo Group, let loose with a rather dire prediction about the state of the economy.

Here's the dispatch from Peter Lattman:

"We don't think we've seen the bottom," he said, citing record-low consumer confidence, plummeting housing prices, a broken financial sector and an oil-price shock that has yet to work its way through the system. He said we should all brace ourselves for a nosedive in the economy and a broad-based distressed environment.

SuperReturn 2008: "We Should All Brace Ourselves for a Nosedive" [Deal Journal]