I have been on an Italian bog, and my research led me to a surprising fact. During the last housing trough in Italy (early 90’s me thinks), the effects were not felt as much as other countries, because the Italians refused to accept their homes were being de-valued and held out without putting them on the market. I guess it was spaghetti every night for some, but it seems to have paid off …for a few at least. I’m sure the situation was different, and ARMs etc probably weren’t around to play their part. It just seems a little of that going here on at the moment, although I ‘m not sure Californians will put up with spicy meat balls every night for the next however many years.
