Dallas Billionaire: Downturn Could Last Two Years

Billionaire Sam Wyly isn’t a big fan of the bailout plan passed last night by the Senate. But he says he’d “hold my nose and vote for it” to restore confidence in the credit markets. The fortunes of that bill aside, the serial entrepreneur from Dallas (at left) predicts the nation’s in for an economic decline that could last eighteen months to two years–”if we’re fortunate.” Wyly, who’s navigated successfully through many business cycles over the years, will answer questions about his career–and the current economy–during an appearance (with yours truly moderating) at the Preston/Royal Borders bookstore this Saturday afternoon at 3. It’s all tied to his new memoir, 1000 Dollars & an Idea, a portion of which will appear in the November issue of D CEO magazine.