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Originally Posted by Back Beach
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Don't any of you guys remember 2001-2003? It wasn't all that long ago things were real ugly, followed by a five year growth spurt.
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yes, but then, the downturn was fueled by the terrorism threat. Basically a perception issue and consumer confidence. Today, this is not a perception issue, we have NEVER had a 700+ billion bailout package. We have not had this many housing forclosures. Even Roosevelts New Deal, had some tangible output, can anyone say they know what the 700 billion has done? No.
The past 10+ years we have built an economy on credit. Home loans, auto loans, credit cards. That bubble has burst. It is an absolute fact, this is not from CNN, but from senior investment analysis that our housing market is still 15-18% overvalued. If that continues to correct itself, you will see a doubling of the problems we have today. Doubling! 2009 will see many, many more layoffs.