sunrise - property price plunge, page-87

When did I say the last recession in the 90s was brought about by a housing crash ??

It was corporate debt (Skase, Bond and pals) that contributed mostly to the bad debt and it was mild in comparison to what we are about to expeirence.

Inflation was indeed a problem but house hold dent was miniscule (even when rates was at 17.5%).

This time the whole country is saddled with the largest house hold debt in the western world.

The deleveraging process is what will bring us to our knees.

Just look at the GFC and what it did to the US.

Inflation was and is still comparitvely low (that's why the Fed left rate at 0% for teh last 2 years).

It's the housing crash that triggered it all.