PHOENIX-“The market will not cover the dumb things we havedone,” Jack DeBoer, founder of Residence Inn, among others, warnedthe audience at the 2010 Lodging Conference. As the lunchtimespeaker, as well as recipient of the Above and Beyond award at thisyear’s conference, DeBoer joked about the current crisis and warnedof its implications for those in the room.

“Absolutely not,” he explained was his response to the questionof a double-dip recession. “We’re not out of the first one yet.”The iconic “father of extended stay” noted that there have beenthree times within the last century the U.S. has suffered underterrible economic turmoil.

The Depression, he said, was brought about by the U.S.restricted open trade and other countries turning their backs onthe country. The second in the 1970s he blamed on the decoupling ofthe dollar from gold. This current crisis, however, he explained isdue to “our own excesses.”