1. financing didn’t turn off in past declines (like it will this time)
2. homeownership rates were not as high
3. levels of saving among population were much higher
4. our fundamentals are worse then Japans before their asset deflation started
5. personal liabilities as % of income were not as high
6. gov’t liabilities for entitlements and current spening were not as high which will surely lead to higher taxes the previous periods.
7. the list goes on
IMHO most predictions will be far too conservative in their decline rates.
