[quote=KSMountain][quote=deadzone]CAR, excellent point on the move up market as a factor in the dollar amount vs. % increase. Bigger picture, the death of the move up market is just another component that will eventually kill the mid-high end market, in addition to the loss of high paying jobs and other factors.[/quote]
I intuitively disagree with you DZ that all or most of the high paying jobs were ponzi/realestate/financial related.
What about doctors and lawyers? Top engineers. Executives. Business owners.
I don’t have numbers to back up my position but I feel you’re overestimating the share of high-wage jobs that were related to real estate.[/quote]
Yes, those jobs are not ponzi-related, but those jobs have always existed, even prior to the beginning of the credit bubble in 2001.
I guess what we (the few bears who are left) are trying to say is that the only thing that has changed significantly since the pre-bubble days is the credit bubble. To say that it’s somehow more “glamorous” today than it was ten years ago is silly, IMHO. This was a major vacation destination for the rich and famous many decades ago. It was well-advertised by Bing Crosby (as I pointed out above), and everyone knew about the Hotel Del Coronado from the movie “Some Like It Hot” back in 1959. It was NOT a “hidden” gem by any stretch of the imagination.
