Think about it:
-Unemployment hasn't peaked yet (IMO we exceed 9%) and therefore write downs and tight credit will continue and spread to normally "prime" consumers/borrowers.
-The current Congress and President are absolutely pathetic (not to mention complicit in getting us in this mess) so they won't help raise investor confidence.
-Historically this is WAAAAAYYYYY WORSE than the Tech Crash in 2000 or the Oil Crisis of the 70's. The tech crash, while painful was contained to Wall Street and CA (I am from Silicon Valley so I remember vividly) but the credit bubble was truly national - hell its even Global as Europe is now in a recession (Spain has its own housing bubble to deal with) and Asia is showing anemic growth.
Hat Tip to Ragin Cajun
and Calculated Risk
2 comments:
Thanks for the Hat tip
Of course ;-)
Post a Comment