Harvard has come out with a study that says the housing crisis will be prolonged. According to Reuters, the research says, "Record foreclosures and limited access to credit will make it harder than usual to rebound from this U.S. housing market slump."
It is comforting when some of the smartest people in the world come to the same conclusion that everyone else has already reached.
The Harvard work is based on the premise that a combination of high foreclosures and tight credit will keep housing down longer than in the past. That may be true.
The people at Harvard can afford houses. No one else can.
Douglas A. McIntyre is an editor at 247wallst.com.
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Reader Comments (Page 1 of 1)
6-24-2008 @ 12:43AM
B. Harrison said...
Let us NEVER FORGET that it was the "Harvard & Princeton MBAs & PHDs of this world" who led the USA into the subprime mortgage loan debacle with their "maximizing of corporate profits", until they undermined the integrity of our economic system.
The basic problem is the total lack of integrity of these individuals. Any of these individuals who claim to have been totaly taken by surprise at the outcome of the subprime debacle are either incompetent or just plain blad faced liars. It iddnt "take a Harvard degree" to discern what was going to happen. They merely used their "Harvard expertise" to promote and to hide the extent of the build up to the debacle.
Alan Greenspan is a perfect example of this. He is a principle cause of the rise of the subprime debacle by leaving the interest rate too low for too long; and even after all of that he was still touting faith in "industry self regulation" to "correct the problems"; but that just didn't occur.
We have are "intellectual 'IDIOTS", otherwise known as crooks and fraudsters. Many, in not most, of the CEOs and CFOs of corporations that have been severely hurt by their activities in the subprime mortgage loan debacle should be prosecuted for FRAUD . . . pyramid and Ponzi schemes to bolster their salary and compensation packages.
This has been a systemic failure of our financial industry . . . and it certainly did NOT occur in a vaccuum.