Crash Proof 2.0: How to Profit From the Economic Collapse by Peter D. Schiff & John Downes

Author:Peter D. Schiff & John Downes [Schiff, Peter D. & Downes, John]
Language: eng
Format: epub
Tags: General, United States, Finance, Business & Economics, Personal Finance, Investments & Securities, Investments, Economic Conditions, Financial crises, Financial crises - United States, Economic forecasting - United States, Economic forecasting, Investments - United States, Investing, Liquidity (Economics), United States - Economic conditions - 21st century
ISBN: 9780470474532
Publisher: John Wiley and Sons
Published: 2009-09-02T04:00:00+00:00

My own opinion is that while there is undoubtedly validity to the observation that demographic factors have contributed to housing demand, they in no way explain the real estate bubble and certainly don’t represent evidence suggesting anything like current price levels will persist. For one thing, having read many analyses of the real estate market, I would point out that demographic factors like echo-boomers and immigrants are simplistic elements of a complex subject. For example, a much longer-standing and more significant demographic phenomenon has been fewer occupants per household. That has been largely a function of affluence and could reverse in an economic heartbeat, shrinking housing demand substantially.

The real point, however, is that at the heart of the real estate bubble has been speculation, pure and simple, caused by all the factors we’ve been discussing, which can be collected under the rubric of monetary mismanagement.

Let’s, then, look at the reasons why an unwinding of this horrendous malinvestment is inevitable, what form it is likely to take, and what the financial consequences will be for Americans.

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