2010-01-12 — housingdoom.com
"In the course of debunking1 the thesis that global imbalances were driving the great US housing boom/bust cycle, NYU Stern heavies David Backus and Thomas Cooley inadvertently provide Doomers with a short check-list of key assertions the faith in which has been keeping things floating in the air in recent years, and that (from what we in the Castle have been observing) are likely to come crashing down over the next 12 months or so."
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