Capitalist Face-Lift
By J. Christoph Amberger
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Capitalist Face-Lift
by J. Christoph Amberger
Is it really just because the sun is out and the linden trees are in bloom?
The last time I was in Dresden, the city struck me as dark and depressing. Of course, it was November -- and any German (or for that matter, North European) city looks about as cheerful as the old crematorium on Greenmount Cemetery in November.
But I like to believe that things are actually different this time around. The last time I had to give a speech in Dresden, it was 1994. The Wall had come down only five years before. And the first rush of post-reunification money seemed to have done more harm than good to the overall impression the city left.
This year, it struck me just how much had changed. Billions and billions of dollars were pumped into Dresden, both in government funds and private investments. The flood of cash has all but erased the dreariness that inevitably comes with communism. The sandstone buildings and palaces, scorched black by the firestorms of World War II and the permanent cloud of soot created by the communists burning inferior fuels for forty years and more, have (for the most part) been sandblasted into cheerful beige and yellow hues.
Soulless socialist architectural monstrosities are being torn down. Private investment is repopulating the resulting gaps with modern buildings "in the old style" -- with expensive condos and no end of retail space. Ruined palaces whose scorched skeletons have blighted the city since the end of the war are being rebuilt left and right: The Taschenberg Palais, a palace built for the mistress of King August the Strong of Saxony, now houses a fancy hotel of the Kempinsky family. (Very commendable, if I say so myself!)
The Frauenkirche, a ruin for 50 years, has risen again from a pile of rubble, its beige exterior dotted with black spots where the original stones were used in the facade.
Most striking of all, where East-bloc style cars used to be putt-putting about, belching bluish oil fumes, there's a never-ending coming and going of BMWs, Mercedes and Audis.
Even the people seem to have changed: Drab East Germans now dress the same as drab West Germans. It is noticeable how many white-haired pensioners have discovered blue jeans and wide black belts at their new leisure garb, worn, of course with "adventure" sandals that reveal navy blue or grey socks. Occasionally, you'll encounter dashing middle-aged males wearing capri pants, again with socks and sandals. And, since you want to be on the safe side even in 80-degree weather, tan and grey light outdoors vests have made a comeback that is as unexpected as it is unflattering.
(I shot some videos of some of the most daring specimens: I intend to use it to threaten my children that Daddy may one day have to give in to his German fashion proclivities...)
As a result of the building boom, tourists are pouring into the city: Americans, Chinese, Japanese, Poles, even Indians -- and, of course, busloads of German retirees for whom repeating facts about royal lineages to each other and the incantational reciting of handy historical factoids is the apex of Central European high culture.
Most impressively, Dresden is a city that has no debt. They sold the city-owned residential real estate developments to an investment fund two years ago and achieved what West German cities can only dream about: not owing anyone a dime.
Things sure are different: A friend told me that a young East German recently commented rather snidely on just how bad the roads were in the old (West German) states.
It is impressive what effect capitalism has. Be it just in generating the tax revenues required to iron out the scars of socialism...
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Earnings Announcements
C&D Technologies Inc, Kellwood Company, and Vail Resorts are releasing earnings.
Unlock Dates for June 2007
6/13/07 – Cal Dive International Inc is unlocking 22.1 million shares.
6/13/07 – Newstar Financial is unlocking 12 million shares.
6/18/07 – Claymont Steel Holdings Inc is unlocking 8.7 million shares.
6/18/07 – Melco PBL Entertainment is unlocking 60.25 million shares.
6/18/07 – Trina Solar is unlocking 5.3 million shares.
6/19/07 – Universal Power Group Inc is unlocking 3 million shares.
Upgrades and Downgrades
Pacific Sunwear upgraded by DA Davidson from Neutral to Buy.
Infineon upgraded by Bernstein from Underperform to Market Perform.
Fannie Mae upgraded by Friedman Billings from Market Perform to Outperform.
IDT Corporation downgraded by Stanford Research from Hold to Sell.
Avaya downgraded by Kaufman Brothers from Buy to Hold.
Procter & Gamble downgraded by Lehman Brothers from Overweight to Equal Weight.
Brought to you by Taipan Financial News.
http://www.taipanfinancialnews.com
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Quote of the Day
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