Having studied his reports, this is what’s new in the comments he made:
1) hard landing, meaning prices could fall. While at UCLA, he said prices would NOT fall, but remain flat until fundamentals caught up. He even had a bogus chart, looks like a Dataquick chart, with home prices back to the 1980’s, showing they are flat during our last 2 housing busts. No source cited, no data cited on that chart. The only chart in that entire report with no source!
2) Recession possiible. Before, he said no chance of recession! Not a chance. Not according to him or Leamer.
Still, he fails to mention exotic loans. That is what made it worse this time. That’s what will make the downturn much much worse.
