“Since no housing bubble has ever reached the insane levels of the recent one, you can expect the overshoot to be particularly deep.”
So they are saying we should look to the past for what has happened but since we’ve never seen anything like this before we can EXPECT the overshoot to be particularly deep.
How can they make a statement like that, sure looks a lot more like a guess to me? We’ve never seen this before and have no way of knowing what its going to look like, plain and simple.
