1 Trillion or so in resets coming in 07. No, it has not even come close to reaching a bottom. The subprimes are collapsing at the rate of a couple per week…20 since December alone.
Thinking about the carnage on its way to the SD housing market brings to mind that great scene from “Ghostbusters”:
Peter Venkman: This city is headed for a disaster of biblical proportions.
Mayor: What do you mean, “biblical”?
Dr Ray Stantz: What he means is Old Testament, Mr. Mayor, real wrath-of-God type stuff.
Dr. Peter Venkman: Exactly.
Dr Ray Stantz: Fire and brimstone coming down from the skies. Rivers and seas boiling.
Dr. Egon Spengler: Forty years of darkness. Earthquakes, volcanoes…
Winston Zeddemore: The dead rising from the grave.
Dr. Peter Venkman: Human sacrifice, dogs and cats living together – mass hysteria.
I can hardly wait. I love a good disaster film as much as the next guy. And we’ve all got front-row seats!
