Saturday, June 4, 2011

Why the U.S. housing market will keep falling - The Globe and Mail

Brilliant economists agree with me, we're screwed:

The Man Who Called the Last Two Bubbles doesn’t blur his opinions. He believes the United States is stuck in a period of plodding growth that will end only with either a massive stimulus program or a 20-per-cent to 30-per-cent decline in the value of the greenback.

“I don’t see either happening in the short term,” says Dean Baker, a member of that rare breed – the one-handed economist. As co-director of the Center for Economic and Policy Research in Washington, he has spent years delivering fearless pronouncements on where the economy is headed next.

Why the U.S. housing market will keep falling - The Globe and Mail

I should note that I find it personally painful to be a prophet, particularly as nobody pays me for my brilliant prognostications and deep analyses of the profound and hidden patterns of our culture. Nonetheless, I will continue to sound the tocsin at least until the next version of Xbox 360 is released. After that, I make no promises.
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