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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: mishedlo who wrote (210837)12/20/2002 6:53:31 AM
From: Perspective   of 436258
 
Mish, excellent remarks.

The key that he either doesn't see or won't acknowledge publicly is that present conditions are not sustainable. Whether or not the housing market is in a "bubble", the financial stimulus coming from that sector can't be repeated year after year. It is definitely unsustainable. As Bill Gross has said, there is a lower limit to which mortgage rates will go, and we are nearly there. Also, there's that dirty little issue of principal repayment that limits how small house payments can ultimately become.

Unless this unsustainable stimulus finds a replacement, the economy will suffer serious withdrawls when it is taken away.

Not to worry, though, it's only a couple % of GDP...<s>

BC
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