Saturday, July 19, 2008


Wireless/Mindless Internet Point, originally uploaded by NaOH.

What they were saying exactly three years ago.


"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."

Funny, how prophetic they look now...and yet nowhere in the article was the scale of the meltdown truly foreseen. Some even thought the dollar would be stronger. They sensed the subprime lender troubles, but what did they completely miss? The picture with Oil.

The NYT today gives a sordid snapshot of the entire mess.

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