We have been telling about the risks to the economy and the housing market. We've been saying it's pretty bad out there. Now Pointon's Nitingale says Global 'Depression' is possible. It looks like we are starting to hear analysts on MSM talk about depression.
Another point on the current crisis is that most people compare this to Japan's housing bubble. And most think America can recover quicker than Japan. But one wild card here is that the Japanese consumer had a better balance sheet than American. American's savings rate is 0%!
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