UT, I don't know how old you are but once you live through this housing crash, correction whatever you care to call it, you will understand that nothing stands in the way of such a Tsunami (eventually).
The problem is a whole generation of Aussie doesn't even know what a recession is. The last time we had a nasty one was in 1990 (more than 20 years ago). The problem this time is that our economy will implode by some order of magnitude in so far as bank exposures to bad debts and the household debt is 2-3 times worst in adjusted terms. This is a nightmare. If (I have no doubt) we have a recession, this will be a BIG one.
Anyone under the age of 35 has not experiened what it's like when when the sheets hit the fan as I can see happening this year. A recession partly brought about by the housing crash in turns contribute to a more severe recession (literally a meltdown scenario).
You are right. It's not the end of the world. Like after a bush fire, there will be green shoots popping up here and there from among the dead.
UT, it may be wise to keep an open mind about the bearish views and consider mitigating your risks if indeed we are 50% right let say.
