We are only at the beginning of the financial world coming to its senses after the bursting of the biggest credit bubble the world has seen. Everyone seems to acknowledge now that there will be lots of mortgage foreclosures and that house prices will fall nationally for the first time since the Great Depression.
Some lenders and hedge funds have failed, and some banks have taken painful write-offs and fired executives. There’s even a growing recognition that a recession is over the horizon.
But let me assure you, you ain’t seen nothin’ yet.
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