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Housing Woes in U.S. Spread Around Globe
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The economic crisis is global because with a few exceptions like Germany the housing prices have seen a bubble around the world, worse than in the US in places like Ireland and the UK, and similiar to Florida and California in Spain, and also in places like China and India whwere a stock market bubble helped sustain housing price increases. In China and India the crisis comes in the shape of higher inflation, food prices, and huge stock market declines, along with the housing declines, and lower economic growth as China shifts from an export model to domestic consumption letting a third of the low cost factories in Guangdong province close down. Look for serious effects and global economic slowdown from a series of intertwined crisis housing credit and in Asia stock markets.
Economic and sales forecasts in the boom years before the 2008 financial crisis, and well into the downturn, that lost objectivity and analytical focus.
07/14/2005
How objectivity and analytical focus was lost as company and association management in the housing, auto and other industries, and their economists tried to believe and maintain the status quo. A similiar situation at the US central bank, the IMF, and other locations. The tendency to be upbeat and ignore emerging danger signs requiring a more realistic assessment. And the frequent revisions as a result of this.
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