As I commented before (a long, long time ago, in another thread on a similar topic), although there were a couple of mal-contents calling for the resession itself, who don’t speak for the majority, most of us simply wanted a return to the normal level of affordability of housing. Now, if correcting the said cost inbalance requires a resession, then there simply is no other choice, but the balance must return one way or another. The inbalance was simply unsustainable and was a bubble waiting to burst.
Now that it has begun, it is bursting in a big way, and in some ways faster and more dramatically than most of us figured it would, and it certainly is no fun when a job loss or other calamity hist close to home, but if you’re realilstic you’ll agree that this correction is necessary and was inevitable.
So, to the end of restoring the inbalance — I say Bring it On — all the while smirking to myself because it matters not what I say, because the market will correct itself no matter what and there is not a thing that anyone can do about it, just like it has every single time in the past. As big as this inbalance was, so will the correction be…messy and unrelenting in its fury, wreacking everything in its path. Those who are to survive will learn to ride the wave, or get out of its way, because attempting to fight it is utter foolishness.
