I find it hard to believe that there has been any recovery since 2008. I fear much worse is ahead.
Denninger thinks this is a collapse, but holds up the bare hope it is a “one-off” – an anomaly.
But given the news today that housing purchases have fallen below 2002 levels I remain unconvinced.
We are sailing into a perfect storm: Lowering growth, increasing unemployment, rising taxes, rising regulations, falling income, inflation and a declining dollar. The housing market is trashed, and that distorts the whole picture. In the face of this state and federal governments are spending more…more…more. Congress and the state legislatures, abetted by numerous presidents, have built this Doom Machine, and it is heading us off a cliff.
On a personal note, after some soul-searching I decided to take a trip this year. I am not at all sure it will be possible next year.