I am not surprised, but some people will be. Those people have not been paying attention. Mish calls the housing bubble "over."
Canada is on the backside of the peak, now joined by Australia. Soon, China and various other smaller nations. Then we'll see what a global depression looks like.
Ford Motor Company went bankrupt when they could still get financing from the global market. They trimmed some of the fat and they are on their way to the top. GM and Chrysler went bankrupt when it was too late to get financing. They are zombies now. In this analogy, the USA is Ford, having been first to the crash after Peak Credit struck. China, Australia, and Canada are GM and Chrysler. Let us hope all together that the Freshman Republicans in Congress will trim some fat so that, when everyone else is clearly losing their shirts, pants, and drawers, we will merely lose our shoe laces.
Note: if we can't get the Senate and Congress to have a budget-slashing veto-proof majority (or coalition) in 2012, we will be losing our shirts, pants, and drawers -again- when everyone else joins us in the coming Double Dip.
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