The essential ingredient in a thriving housing market is skidding inexorably in America.
Instead of a global recovery, a sudden, broad slowdown – with a plunge in China.
It all boils down to consumers in an economy that is so dependent on them.
An epidemic of store closings, restructurings, bankruptcies… as the American consumer runs out of options.
With predictable consequences.
Doctor’s insight: Bookies call it the “vig,” insurance companies call it a “PPO Repricing Fee.” It allows them to go around state insurance laws.
Sweet Spot: Homes above $15 million.
She’ll be 55 before her net life-time earnings equal those of an enterprising person who left school at 16.
Subprime giveth, subprime taketh away.
Hapless American consumers appear to have hit a limit.