> I'm sure that is all quite true, but I think it begins earlier. > (Please correct me if I get the facts wrong here)
It's not just about home mortgages, it just happens that's the bubble that revealed the weakness - if not for that some other, all multiple, markets would have bubbled and burst at some time. The housing bubble started when prices began to outstrip the traditional 4 ~ 6 times the median annual income - that distortion is a reflection of, and pressure for more, changes in evaluations of values and risks. _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
