This time, RE bubble was driven by credit bubble.
Many of my friends, are so concerned by the credit bubble and nobody wants to invest in the US anymore. These people are top 0.01% of this society.
In fact, US only has two way out,
1. let RE collapse
2. let US Dollar collapse
Of course, option #2 is less painful in the short term. Long term impact very bad though, just look at USD's performace at a supposedly strong time frame.
This view was recently echoed by BOA's chairman.
Many of my friends, are so concerned by the credit bubble and nobody wants to invest in the US anymore. These people are top 0.01% of this society.
In fact, US only has two way out,
1. let RE collapse
2. let US Dollar collapse
Of course, option #2 is less painful in the short term. Long term impact very bad though, just look at USD's performace at a supposedly strong time frame.
This view was recently echoed by BOA's chairman.
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