Yes, it's taking the MSM a bit of time to catch up to reality. The bubble popped afterall in Q4 2005. But nice to see them out with the news we've all known for some time...
Classic bubble. Classic ponzi scheme. And now, the classic ending, as we revert to (and possibly beyond) the mean.
Reports of falling sales and investors stuck with properties they can't sell are just the beginning. Property owners should worry; so should their lenders.
Ladies and gentlemen, unfortunately, a lot of people around the country are going to be badly hurt as this bubble unwinds. And, after they have taken their losses, the financial institutions that were the engine behind this folly will take their own hits. 'Easy Al' Greenspan at the Fed tried to bail out one bubble with another bubble. While it bought some time, it will end in far-worse pain.
April 24, 2006
Posted by blogger at 4/24/2006