Does anyone have a subscription to the article by Michael Hudson and who is willing to quote snippets from it? Anyway, I did find an old interview with Hudson here which is rather depressing.
Does anyone have a subscription to the article by Michael Hudson and who is willing to quote snippets from it? Anyway, I did find an old interview with Hudson here which is rather depressing.
4 comments:
But that means I have to do some real foot work!
Ok, then that is my weekend assignment.
I just picked up a copy of this article...The New Road to Serfdom. It is quite good; a very good summary of the information you will find on this and other "bubble blogs"; the conclusions are the same. The article contains a lot of very nice charts.
The author concludes that we will end this cycle with Japan-style stagnation or worse. Anyone who bought a house in the last few years is screwed. If you bought long enough ago you might be ok in the sense you won't be in a position of selling your house for less than you paid for it unless they did the cash out refinance thing too much. As people are trapped by debt and going bankrupt the economy will suffer, people will lose their jobs making servicing of their debt even more difficult. This down cycle will feed on itself to who knows how bad.
I highly recommend picking up a copy for yourself especially if you are one to doubt the credibility of what the bubble bloggers have been saying (if I don't say so myself).
I don't think I am going to post a review of the article or quote much from it.
the Harper's article is a little thin and mostly a summary of arguments that readers of this blog already know
Agreed. But I am glad this info is finally getting out via the more mainstream media. Better late than never I guess.
I saw six realtor "For Sale" signs on the sidewalk across from the Whole Foods in Mill Valley. The Spring sales bounce myust be a little late this year...
Please send photos if you have them; I would love to be able to post reader's pics.
The data I've been reporting/graphing also shows that this spring season is turning out to be a pathetic dud. But we'll see as there is still a lot more selling season to go.
This guy summarizes much of the Hudson article in Harpers:
http://tinyurl.com/he8or
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