Tuesday, October 14, 2008
the house price crash may have started in the US, but declines are now global and nearly universal across markets, according to the IMF.
house prices, it seems, are the opposite of local.
the repricing of risk and associated deleveraging, evaporation of trust and credit, it seems, is a global issue.
too bad we don't have a global institution that can do something about this - like prevent it from happening again.