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"6 times the size of the tech bubble" is a very important point
I have been trying to make this point to many people for quite a while (without much success). The tech bubble lead to almost an 80% decline in the Nasdaq and almost a 50% decline in the S&P 500; yet by any estimate (for example in paper wealth created) the housing bubble is at least 5 times the size of the tech bubble, and far more important for the everyday American. Where the S&P 500 will bottom is anyone's guess, but I believe at least 50% down from its peak.
-March 12, 2008
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