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Mike Morgan: Decession or Depression?
http://globaleconomicanalysis.blogspot.com/ 2008/ 05/ mike-morgan-decession-or-depr...
I have a couple of Email updates from Mike Morgan to share. Here is the first: Decession or Depression? For two years, I have been writing about what I call a Decession, which is far worse than a Recession, but not as bad as a Depression. Today I am convinced we are headed towards a Depression, and I don't see any means to avoid it. The reason for this statement is simple. Inventory of homes is now beyond a two year supply and growing, while prices are falling off the cliff. That does not even include multi-family housing, as this market was also overbuilt. But it gets worse.
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It's going to be bad...
http://theylaughedatnoah.blogspot.com/2008/05/its-going-to-b...Mike Morgan, quoted in Mish's, is now convinced that we are headed for outright economic depression. Builders, banks and the rest of us are going to be hit very hard. This is, of course, the view of a real-estate expert in Florida, but he sees this as hitting the whole country. We in the UK will not be immune from the general economic malaise to follow, even if unregulated immigration and a slower past housebuilding program help keep our housing assets from falling quite so far.
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