Pasqual, Formguide can wish or not wish of a housing crash. It doesn't matter. It's like wishing that night follows day. The crash can't be avoided. From here, we are all passengers.
There will be much soul searching going forward of how the economy will crash and burn when not too long ago, we enjoyed a 2 decade non-stop period of growth. How did it come to this ? Who fanned the housing price (debt + credit) bubble and should those who propagated the shortage myth (in the midst of a massive glut) be accountable.
It's a bloody mirage. A dream built on debt (like Spain and Ireland), one that could only be sustained by ever more borrowings until it implodes under it's own weight. Our bankers kept congratulating themselves for prudent lending practices while overseas banks got fried. Now that the music has stopped, it won't be long for these clowns having to explain to shareholders that perhaps our bank's troubles may not be something we can simply blame the Greeks and Spaniards for afterall.
