Nowhere Near the End of the Pain

For those of you that don’t subscribe to Bill Fleckenstein’s excellent daily column, you are lucky to have the opportunity to see him rather frequently on TV.

He appeared on CNBC recently reiterating the economic problems we face and why we face them:

1. The credit bubble caused asset prices to rise

2. The real estate bubble was caused by the credit bubble

3. House prices have fallen

4. Mortgages are larger than the values of the homes they are attached to

5. The paychecks of the people paying these mortgages are getting squeezed

6. Inevitably the economy will suffer further

See the video here:

CNBC Video

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Chris Grande

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