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DALLAS-Amid the daily bloodbath of Wall Street, a Texas-based leading economist yesterday advised investors, developers and brokers to view the rash of federal bailouts as "investments" predestined to yield a higher return down the road. And foremost, be glad to be doing business in Texas or the state of Washington, where jobs, rents and population are bucking US trends.

"No matter what the government economists tell you, we're in a recession. But, don't be too discouraged. You're in a different state," Dr. Ted C. Jones, senior vice president and chief economist for Houston-based Stewart Title Guaranty Co., told 100 professionals in two sessions at Dallas Country Club at 4100 Beverly Dr. in North Dallas. Among Jones' concerns for the near term, though, is the ability of owners of performing existing buildings to refinance when notes come due.

Jones, like other economists, predicts the road back is going to take several years, perhaps without any measurable pickup until 2011 if a Credit Suisse analysis is on target. Commercial real estate values are forecast to drop 15% to 25% in the next several years, he said, citing New York City-based Keefe, Bruyette & Woods' research.