It’s interesting that HSBC has a widely circulated paper on froth in housing. That paper was also previously discussed on Piggington. So much for their ability to detect froth.
I think that that HSBC deserves what it’s getting. Foreign companies should know that they can expect to take a bath when they acquire American units at the top of the market. It happens everytime — from the Japanese aquisitions of the 1980s to Chrysler, to Voicestream, to Household Finance.
