Saturday, October 27, 2007
Rants on the Irish Housing Bubble
4 excellent papers which detail the crisis in Ireland on housing and how the banks are in it up to their necks. Brilliant stuff. "Pilots define a soft landing as one that you can walk away from. Looking at the price collapses in places like Finland and the Netherlands, and the building bust in Arizona, Ireland could be heading for something closer to what they call CDIT: controlled descent into terrain. You are happily descending through cloud, thinking yourself at a safe altitude, until suddenly you smack into a hillside.