Smick: Markets Still Scared of Bubbles

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In many ways, this sounds as though we're talking about 200 trillion of "wealth" that we (the world) thought we had that (in part, anyway) never actually existed at all.
How would you like to try to be an honest appraiser? "Well, I think your house is worth $200,000 right now, and I think it's gonna be worth about $170,000 next year."
Think that will work at the bank? Okay, but is it true?

of 11:15AM December 03, 2008