I’m not sure why you quote this guy as he seems as much a cheerleader of the RE industry as anybody else on that side of the fence. His message is always the same, i.e. sure there will be some decline, some defaults, but it will be spread over a number of years and won’t really have any significant impact on anything. Cagan’s as bad as David Lereah if you ask me.
(not to mention, he’s not really supporting your point)