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I suggest you look here and see that I was predicting the train wreck in December 2005.

People predicting some type of train wreck before it happened were a dime a dozen. My wife and I started shedding debt as a conscious strategy I think it was in 2007. We had some idea that we were in a housing bubble a few years before then with massive real estate debt (rental) -  We actually managed to more or less finish the process of shedding debt a few months after the crash started in the US.

A little bit before the crash the professional association that pretends that it represents all landlords in Ontario came out with a report on the rental business:

Property taxes were up, vacancy rates were up, rents were not keeping pace with inflation, and rental units were selling for record amounts.

The details of what was going down were not necessary to figure out something was going down and it wasn't pretty.

I was talking about the crash with my mother - and if I remember rightly Greenspan's comment that nobody could have predicted...

Could he really have been that stupid, or was he lying?

As far as criminal activity goes, the US is now fairly clearly a two tier justice system.

aspiring to genteel poverty

by edwin (eeeeeeee222222rrrrreeeeeaaaaadddddd@@@@yyyyaaaaaaa) on Tue Jul 12th, 2011 at 09:01:57 PM EST
As far as criminal activity goes, the US is now fairly clearly a two tier justice system.

Dimitry Orlov:

Orlov advises staying as far as possible from the U.S. justice system, since it "offers a fine luxury model, but its budget model is manifestly unsafe." Already grossly tipped in favor of the rich, it may drop any pretense of serving justice and become simply a tool for social control. Orlov provides some Soviet examples of this, including the Gulag policy of political imprisonment, and describes America's use of secret jails, torture and indefinite detention as steps in the same direction.

Schengen is toast!
by epochepoque on Wed Jul 13th, 2011 at 09:18:48 AM EST
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The white middle class is learning what minorities have known forever: It isn't a "justice" system, it's a "just us" system.
by rifek on Thu Jul 14th, 2011 at 09:16:25 AM EST
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I referred to that merely to show that I am not pulling a Greenspan.
by rifek on Wed Jul 13th, 2011 at 03:40:05 PM EST
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... the unfettered market temple could have predicted. Even within the Economics profession, plenty of nobodies actually predicted it.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
by BruceMcF (agila61 at netscape dot net) on Wed Jul 13th, 2011 at 10:34:48 PM EST
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Nice link, and it provides context for both the Dot Com Bomb and the Credit Crash.
by rifek on Thu Jul 14th, 2011 at 09:14:51 AM EST
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