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Just replacing one bubble with another (eg., dot.bomb, sub-prime, and now massive gov't spending). Wake-up, America! Bring back jobs by reducing all trade barriers, including labor costs! Its a global economy, now -- we can't roll back the clock -- we can't be the world's commerce police (just as much as we can't be the world's policeman)!
The only way out of it was to allow inflation to bring down housing prices in real terms as well as have housing come down in price. Unfortunately housing was the main producer of inflation since that was where all the loans were coming from. So the only thing that would inflate and did inflate was housing. As it is now I still do not see a thing in sight except defaults and deflation and housing continuing to slide. Unless they want to reform the monetary system....I didn't think so...
Very interesting chart basically what beck is saying is that the median needs to go somewhere between 80-120k. 80k being a great depression level prices and 120k being a modest decline. Right now the median is at 180k, adjusted for inflation. So we need about another 30% decline in the median at least.
Very interesting chart basically what beck is saying is that the median needs to go somewhere between 80-120k. 80k being a great depression level prices and 120k being a modest decline. Right now the median is at 180k, adjusted for inflation. So we need about another 30% decline in the median at least.
Another way of looking at this is that housing prices need to fall below the level prior to the beginning of the boom. That means we'll fall to around 1999 to 2000 level prices. This will certainly stop the abundance of credit that was available on the market.
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