(one level down from the mainstream the perpetual cheerleaders)
is that governments & central banks have shot the last of their ammunition and now can do nothing but hope it works.
If anything really bad happens now, they are powerless.
This new concensus seems stronger than the 2002/2003 doldrums.
In Canada the RE pumpers still seem in the majority (as recently as a a couple of weeks ago I read a ton of pro-RE posts on Garth Turner's blog), and while they are losing steam ("prices down, sales down" articles are appearing in the major papers, which a month ago were claiming "no bubble"), they're far from throwing in the towel - Just a week ago a friend of mine in banking tried to justify his plans to get an investment property with this:
"Canada's correction already happened, recovery's taking hold and nothing too bad looks probable in the near future. "
is that governments & central banks have shot the last of their ammunition and now can do nothing but hope it works.
If anything really bad happens now, they are powerless.
This new concensus seems stronger than the 2002/2003 doldrums.
In Canada the RE pumpers still seem in the majority (as recently as a a couple of weeks ago I read a ton of pro-RE posts on Garth Turner's blog), and while they are losing steam ("prices down, sales down" articles are appearing in the major papers, which a month ago were claiming "no bubble"), they're far from throwing in the towel - Just a week ago a friend of mine in banking tried to justify his plans to get an investment property with this:
"Canada's correction already happened, recovery's taking hold and nothing too bad looks probable in the near future. "
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