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Politics : American Presidential Politics and foreign affairs
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To: TimF who wrote (31212)1/8/2009 5:45:06 PM
From: DuckTapeSunroof  Read Replies (1) of 71588
 
Bubble often look fine... until they collapse.

But the decade past was artificially sustained by MEWs (the bubble which followed the tech bubble... and blew it even larger).

Absent the (inevitably temporary) mortgage equity withdrawals from the RE bubble, the US's Real GDP was averaging well below 1.5% growth, and actually negative for a few years. Once 2008 is factored into the numbers, the averages will fall even further below the long-term growth trend for America (probably below 1% for the Bush period....):

Message 25258875

Can't really blame the consumers for trying to replace lost wealth from the stagnant wages though, by withdrawing equity from their mortgages... it's just human nature.
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