Housing Bubble - Continued

If you read this blog back in the early days of aught-five, the current credit crisis should come as no surprise:

According to today's NY Times, we are alerted to the fact that in 2007, $1 Trillion (12% of the nation's mortgage debt) in ARM's will kick into adjustable rates. How many people are truly prepared for the upswing in their mortgage payments that will come due then?

Let's also note that we quoted The Economist in calling it: "the biggest bubble in history".

Let us further note that yesterday, Nouriel Roubini, who was on top of this from back in the day, whipped out the I-told-you-so line:

Following the meltdown in new home sales - down a whopping 9% in November alone based on data published today – it is clear that this is not going to be the worst housing recession in the last 50 years as I predicted; it is rather going to be the worst housing recession since the Great Depression or, better, the worst housing recession ever in US history.

(Note that a 9% "annual" decline in sales would be awful...he appears to be talking "monthly" decline. Super-double-ouch!)

Happy New Years, y'all!

Update 2007-12-29-04:58: Admittedly, my call on the Iranian War of 2007 was narrowly averted. So take that for what it's worth.

And the best part is, now we'll have freed up a bunch of soldiers who can be deployed into the 2007 War on Iran! w00t!