Monday, March 9, 2009

Nothing To Do With Photography

So you were wondering how we got in this mess? People talk about predatory lending, deregulation, investment banks paying off politicians to loosen restrictions on margin requirements, the repeal of Glass-Steagall, sub-prime mortgages with balloon interest payments etc etc. Well, we're not even close to getting out of it. According to this graph, the avg home price, adjusted for inflation, needs to come down about another 50%. In the mean time, rent. (graph c/o

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