Larry Silverstein is worried about the economy. “We’re in a very severe economic climate, as severe as anything we’ve experienced in recent times,” the World Trade Center site developer and commercial landlord told The Observer earlier this month.
But he’s bullish on President-elect Obama and his FDR-like plan to kick-start the economy, partly through massive infrastructure investments.
“[W]hile there is no shortage of doom and gloom out there, the fact of the matter is we have a new administration coming into office,” Mr. Silverstein said. “The president-elect has signaled his attention to deal imminently with economic issues, [with a] major infrastructure thrust that will serve to rebuild tunnels and dams across America, which are totally beyond their useful lives.”
Even so, Mr. Silverstein pointed out that whatever positive effects these initiatives have won’t be felt for quite a while: “You may not feel it in ’09. That will be the gearing-up aspect of these programs. But in ’10, I think that’s when the economy will take a major turn for the better.”
First, Mr. Silverstein said, “you’re going to see the stock market beginning to reflect the changes, and the economic reality normally follows the stock market by about six months.”
Mr. Silverstein has been an Obama supporter since at least August, when he contributed more than $7,000 to his campaign, according to federal records.