Perry,
If you don’t mind indulging my curiosity, what is the source of your fascination with this bubble? I might know had I been a blogger earlier on.
The point you made with the quotation of someone in REO saying that they were not wanting to drive down comps has really stuck with me today. I think they don’t want to drive down comps because they now how much of it is coming. There might be some kind of bean counting game going on behind the scenes. Do they know of some support catalyst coming if they can hold things up until it gets here or are they just delaying the inevitable and if so why.
