27 August 2006
RGE - Eight Market Spins About Housing by Perma-Bull Spin-Doctors...And the Reality of the Coming Ugliest Housing Bust Ever….
RGE - Eight Market Spins About Housing by Perma-Bull Spin-Doctors...And the Reality of the Coming Ugliest Housing Bust Ever….: "My recent detailed analysis of the high risks of a housing-led recession in 2007 has stirred some serious discussions and debates in the blogosphere and the press. Now that the onslaught of bad news about housing (see the table below) has taken the force of a tsunami that will soon trigger an ugly recession, Goldilocks spin-masters and perma-bulls are on the defensive. Since the housing slump is now undeniable – and rather than a slump it looks like a really ugly bust - the new line of defense of perma-bulls is to argue that the problems of the housing market are only a healthy correction from bubbly excesses, that housing is only in a modest slump that will soon bottom out and recover, and that housing problems will not lead to wider macroeconomic troubles such a broad recession. What a set of Delightfully Delusional Dreams that smash against the ugly reality of recent free falling housing data shown in the table below."