This will be worse than anything since the Great Depression
This Authors@Google event took place December 14, 2007 at Google Headquarters in Mountain View, CA. From Paul Krugman's blog: "According to the OFHEO data, prices in Houston rose only 26% over the last five years. But prices in Miami rose 115%. That is, the bubbles in the most bubbleicious areas were bigger than anything we've ever seen -- and there's every reason to think that the required fall in prices in those areas will be much bigger than anything we've seen since the Great Depression. ***
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