Sunday, July 17, 2005

Dubya: Gift That Keeps On Giving

Paul B. Farrell: Best strategies to weather the coming megabubble -

Unscientific survey, but it certainly reflects what I've heard from all my friends in the real estate or banking biz.

"Comments by real estate pros stood out because the housing bubble is likely to be the lead domino triggering a global economic meltdown. Real estate respondents expressed virtually unanimous concerns about this bubble.

'This bubble is no myth,' wrote one California builder who said he had 'been around for decades.' 'Real estate will go back to the Agricultural Age. Get ready for deflation.'

'Warning signs [are] everywhere,' said a New York mortgage banker. 'Rates went through the floor, prices to the moon. I sold everything a year ago, paid off debt. The Great Depression will look like a cakewalk.'"

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