I Must Say, I Never Expected To

Regulators Have Not Been Able To Achieve The Level Of Future Clarity Required To Act Pre-emptively. The Problem Is Not Lack Of Regulation But Unrealistic Expectations. What We Confront In Reality Is Uncertainty, Some Of It Frighteningly So...

A Decline In The National Housing Price Level Would Need To Be Substantial To Trigger A Significant Rise In Foreclosures, Because The Vast Majority Of Homeowners Have Built Up Substantial Equity In Their Homes Despite Large Mortgage-market Financed Withdrawals Of Home Equity In Recent Years.

Even Though Some Down Payments Are Borrowed, It Would Take A Large, And Historically Most Unusual, Fall In Home Prices To Wipe Out A Significant Part Of Home Equity. Many Of Those Who Purchased Their Residence More Than A Year Ago Have Equity Buffers In Their Homes Adequate To Withstand Any Price Decline Other Than A Very Deep One.

Developing Protectionism Regarding Trade And Our Reluctance To Place Fiscal Policy On A More Sustainable Path Are Threatening What May Well Be Our Most Valued Policy Asset: The Increased Flexibility Of Our Economy, Which Has Fostered Our Extraordinary Resilience To Shocks.

It's A Bubble. It Has To Have Intrinsic Value. You Have To Really Stretch Your Imagination To Infer What The Intrinsic Value Of Bitcoin Is. I Haven't Been Able To Do It. Maybe Somebody Else Can.