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Monday, December 13, 2004

Suburban Check Point

"Anybody who believes exponential growth can go on forever in a finite world is either a madman or an economist." -- Kenneth Boulding

December 6, 2004:
"So here's how I call it. Interest rates shoot way up in the first half of 2005. A lot of people sitting on multiple thousands in credit card debt go bust. A lot of mortgage holders find themselves living in McHouses they can't keep paying for. End of housing bubble. Beginning of fire sale of US residential real estate (and other assets, including stock, SUVs, and signed limited edition Thomas Kinkade prints). Cratering of "consumer" demand. Impressive job loss. Ultimately, deflationary depression.
Everybody will blame George W.
All this and Peak Oil, too. " -- Jim Kunstler

We'll see.


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