“…but this time is different!”, says the peanut gallery.
Yes it is. This time:
– Interest rates can’t go lower
– Layoffs are more likely to increase
– ARM’s have run rampant
– Toxic loans are more prevalent than ever
– Interests will more likely go up
– The economy can’t get any stronger
– Debt has been leveraged repeatedly
– The NAR actually expects a decrease in home price
– People have negative equity and zero savings
– Did I mentioned interest rates?
Everything people use the defend the economy and show it’s strength are the actual weaknesses that will drive this thing harder into the ground once the “credit tsunami” reaches land.
