Maybe you need to sharpen your reading comprehension skills there Chris. What I said was that I don’t make bets with people that I don’t know…nothing to do with my convictions about where the economy is heading and it is heading for a severe recession given the scope of this credit bubble….yes, credit bubble, not housing bubble. House prices are merely symptom of the liquidity that’s been pumped into the system via M3 by the Fed. This will not end nicely and OC will suffer severely because of it’s dependance on Real Estate related growth over the past several years. It will switch from being a virtuous cycle to a vicious cycle with several feedback loops ranging from house prices through consumer goods.

I suggest that you start reading more about economics before you suggest that OC will be spared.