The recession risk is the real story here. The possibility of that happening, especially S. California, just shot up with the mortgage market crisis as it stands now. No one forecast this much of a downturn in housing even many bears. Somebody will do something, this is basically hitting crisis level. Something to take into consideration, if someone like me could see this coming over 2 years ago then I have a feeling the FED and Treasury had some conversations about this. I imagine they do have some type of strategy in place to deal with this, at least I like to think so, call me naive. I mean they can’t be that stupid…….Can they???
