The tech bubble caused a loss of about a trillion dollars in value in the stock market.
The real estate bubble is going to write off 3-5 trillion in value in real estate. Does that mean that the real estate bubble is 3 to 5 times worse. Would it be so simple, would we be so lucky. Most of the real estate is supporting debt obligations at the rate of 7-9 times the underlying value. That means 27 to 35 TRILLION in losses.
Our GDP is 13 Trillion so you think it is not possible? I will accept all the ridicule you want to heap on me, in 2010. Wait til then to unload on me.