Ron Insana, Barry Ritholtz and Fleckenstein, the bear trifecta, not the permabull Kudlow.
So, what am I missing? There may be financial pain for 50-80% of families, but the top 10-20% have tremendous assets and can still buy what they want. BMW, Mercedes, Lexus sales are down 3-8% year over year, but look back at early 90’s with 9% unemployment in San Diego and how much did coastal properties drop? 20-30%. We have less than 6% unemployment now, so unless we have big recession, CV prices should not fall 50%. While ARMs are much bigger part, most people have likely refinanced by now. If you have valid points I’ve missed please elaborate.
