Thursday, Mar 15, 2007
We can’t all live in $1-million houses
MoneyCentral @ MSN: The housing bubble doesn't add up
When the math does not work
We have seen drunken lending orgies in the past, and they always end in disaster. Just as the math hasn't worked for everyone to live in a super-expensive house, no matter their income, the math doesn't work in lending, either. That's two pieces of the housing market where the math just does not work.
Last week, I had a chance to read "The Asset Economy," the most recent article by Morgan Stanley’s Stephen Roach. He is probably the lone economist working on Wall Street who understands what has been going on during Greenspan's tenure. Kudos to him for standing up tall and telling it like it is amidst the ocean of dead fish surrounding him.
Posted by lvmreader @ 06:20 PM (140 views) Add Comment
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