These words are not my “paranoid delusions” and I don’t search these thoughts out in off the way blogs or obscure media sources. This coming awareness and news is coming from all major news organizations and policy makers at every level. We simply cannot just keep moving ahead like nothing is wrong, very wrong throughout this entire country….and now for the apocalyptic words…
The entire US housing system, lenders, builders, borrowers, the whole thing, is in grave danger, and that means both the financial system and the economy at large are as well. We’re looking at not just one or two, but a whole series of reinforcing feedback loops. Which neither Obama nor Geithner nor Bernanke have any control over, other than fleetingly and temporarily.
And that will be the story of 2011.
Well, that and, of course, the euro crumbling, Japan deflating, China inflating, cities, counties and states defaulting, violent street protests, millions more Americans sinking into abject poverty, misery and hardship, and so on.
Thing is, you can’t have a 60+% homeownership rate, facing more mayhem after home prices already fell 30%, and then expect your society to keep humming along, or even recover. 2010 has been all about delay of execution. In 2011 we’ll get to choose our last supper.