You all remember the laughable and discredited Nicholas Retsinas, head of the REIC-supported "Joint Center for Housing Studies" at Harvard. The guy who called all of you "chicken littles" and said there was no housing bubble or crash to come.
Well, nice to see someone besides HP calling this guy a moron. Why Harvard hasn't fired him is beyond me.
Here's Tim Iacono, who also does The Mess that Greenspan Made, writing at Seeking Alpha
Adding to the growing evidence that you can work at Harvard and still be a moron, Nicolas Retsinas, director of Harvard University's Joint Center for Housing Studies commented "The fundamental problem with housing is oversupply.''
No, the fundamental problem is that a speculative bubble just burst and now everyone is thinking rationally again - home prices are still too high, potential buyers realized home prices are still too high, lenders are now interested in the borrower actually paying back the home loan, and investors don't want to go near securitized debt.
Could someone aside from Robert Shiller and about a thousand people with blogs say this just once?