from the Asia Times:
THE BEAR’S LAIR
Sorry, I wasn’t pessimistic enough
By Martin Hutchinson
On August 27, 2006, this column suggested that US house prices would fall by 15% nationwide, peak to trough. On March 11, 2007, this column suggested that the total bad debt loss from the mortgage crisis would be about US$1 trillion. At a meeting at the American Enterprise Institute Wednesday, it became clear that in both cases I was not pessimistic enough. Sorry!