Nouriel Roubini's Blog: The Recessionary Macro Effect of the Worst U.S. Housing Bust Ever, Nouriel Roubini, Oct 28, 2007; a friend of mine who is a senior professional in one of the largest financial institutions in the world has sent me privately – and confidentially - the following email messages. Like me, he predicted a year ago that this would be the worst housing recession in US history and described a bust process that would go through 4 phases. Here is the way he is putting it:
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