Quote:
Originally Posted by macker
David Rosenberg said recently that there is another 20% drop to come in US real estate so where does that leave us... I agree with what Bill Gross said recently that Canadians are in denial if they aren't willing to learn from the US experience over the past few years. Once these things correct they don't just bounce back right away and it takes years and years to have a sustainable recovery.
So we have many of analysts and experts and even bank of Canada officials giving out warnings and people still think that we operate on different metrics here.....go read http://www.amazon.ca/This-Time-Diffe.../dp/0691142165 and tell me that things don't have to correct. This book tells you everything you need to know in a very logical manner, or for more specific info http://canadabubble.com/ |
I don't see anyone arguing that the markets are all completely recovered here though? Instead the argument is that we've seen a correction (as evidenced numerous times in this thread), so while things are stable/stabilizing at this time the idea that we would see a correction from these levels doesn't make sense. I know that there are "experts" out there, and frankly we've seen their projections over the last few years. IIRC David Wolf from Merrill Lynch put out a projection for the year (a couple of years ago?) that had the housing market absolutely cratering. We either survived that crash, or I just missed it?
I'm not arguing that we can't go down from here. We can definitely go down, and we'll either go down, up or stay the same. Its just that the doom and gloom is an easy target at this point in the economic cycle and while the recovery is a long and sometimes tenuous road that doesn't mean that we are destined for the days of a painful correction.