It’s really genuinely amazing to me how much prices have dropped from the peak in nominal terms. More than I expected, I thought things would be stickier. They are in some places, certain neighborhoods.

Overall, this is just an epic business cycle, historic boom and a catastrophic bust, one for the ages. It’s a curse to be born in interesting times.

Honestly not sure what happens from here, dollar crisis at some point tops the list. Easy to see it deteriorating further, especially with joblessness. Genuine broad-based recovery will take another couple of years, at least.