Posted by Eric C on September 29, 2003 at 14:18:15:
I agree that its an important event – and its one that most people don’t really “get”.
The GSEs may very well in be in far more trouble than is currently realized and if their troubles continue to multiply, many investors may come to understand that the old saying about “all real estate is local” to be only partially correct.
In an era of syndications, derivatives, and a whole lot of monetary nonsense, artificially low interest rates coupled with a massive increase in the money supply spells trouble with a capital “T” in the long run.
Anybody else liquidating besides me?
Actually, I been selling for a couple of years now. Too many people making me offers I couldn’t refuse.
Most of those proceeds is now waiting on the sidelines for the other (or another) shoe to drop. Its just not waiting in US dollars any longer.