TG – It is remarkable how slowly this boat is turning. I know that when one look at the graphs, it is obvious what is happening and the lines look really steep – which is to imply that things are moving quickly. But if you have to live it, man it seems slow. Roubini said yesterday that housing would bottom in 2010. That’s 5 years from peak-to-trough. That’s a long time. My twins are 6 now. In 2010 they’ll be 8 and they’ll have been waiting for housing to hit bottom since 2004 – or 75% of their whole life!
