Title Says it All–Housing Market Implosion Edition

Title of article from HuffPo: Home Prices Plunge Record 15.8 Percent in May.

Here is Peter Schiff, Ron Paul’s econ adviser predicting the collapse of the Housing market, the sub-prime industry, and Fannie Mae/Freddie Mac (and the strong possibility of a bailout by the Fed) in 2006!!!! To a gathering of Mortgage Industry types. To their faces.

Watch the whole video and weep. This is part 4 of 8 (watch part 1 here) which deals especially with the housing market:

Living in Canada its surreal watching this as there was no sub-prime industry, no mass speculation in the market, and hence no bubble bursting.

And according to Schiff–scoffed at by the so-called experts for predicting this to the T–the market is going to continue to plunge as is the value of the dollar (because The Fed continues to inflate the money supply to increase consumer spending and continue this fraud of an economy built on buying stuff instead of savings/production).

This plunge is not rock bottom yet. Might not even be close in other words.

Published in: on July 29, 2008 at 8:14 am  Leave a Comment  
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