CBRE’s Horne Sees a Two-Year Recession

From Globe Street:

The will be more slide in the market, said Lew Horne, CB Richard Ellis’ executive managing director, speaking last week at Incisive Media’s RealShare Real Estate 2009. The moderator of a panel titled “How to Adapt to Changing Demands in the Market,” he said that “there is a complete lack of confidence and it permeates throughout business. It is going to take time to get that confidence back.”

I wonder if Horne foresaw a 90% decline in his firms share price.