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Wednesday, January 05, 2011

In 2011 we'll get to choose our last supper.

Spin-free common sense. "Thing is, you can’t have a 60+% homeownership rate, facing more mayhem after home prices already fell 30%, and then expect your society to keep humming along, or even recover. 2010 has been all about delay of execution. In 2011 we'll get to choose our last supper." http://theautomaticearth.blogspot.com/2011/01/january-1-2011-us-housing-story-of-2011.html http://bit.ly/e0zCzc
Just common sense. "We think that more than 20% [home price decline] is in the cards just because of the bubble coming back to earth; we think 40% is certain because of the bubble bursting, and we think 80%+ will then happen because the bursting bubble will take the entire financial system down with it. Pretty simple really." ibid http://bit.ly/e0zCzc
Finance bigs united in lawlessness: "Most if not all US foreclosures are illegal, and all [Mortgage-Backed Securities] are [actually] unsecured debt that the issuers will have to buy back - to the tune of 7 trillion or so. Which entirely dooms the main US banks." ibid. http://bit.ly/e0zCzc

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