What he describes is also being seen in other nations too.
Canada’s housing bubble is actually far worse right now than America’s was in 2008.
All the signs seem to be pointing to the early stages of a worldwide Great Depression beginning to form.
I lost my job in the ‘booming’ housing industry. I was an IT manager at a manufacturer. After being almost laid off at another plant I am done with the housing industry and manufacturing. I think high cost of housing is what will lead to economic downturn where as 2008 rapidly falling prices led to down turn. It will appear as if housing costs will remain high in contrast with high unemployment with a sudden rapid correction as housing is the last bubble to hold out and will have the deepest cut.
I think it is called a Minsky Moment.
The timing of all of this is very suspicious:
@joelinasia8401: “This isn’t investment, it is pre-emptive bank bailouts because people are starting to default on mass. The middle class is screwed.”
h/t GreatWhiteNorth