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December 23, 2008


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Considering Mr. Greenspan's record of missing signs of anything to do with the economy, then dramatically overreacting, I take his opinion with a truckload of salt.

That said, I'm of a dual mind on the topic. Though I agree the housing market is showing signs in large regions of slowing down for the U-turn, I'm also casting a weary eye toward the ARM loans beginning to make themselves known on the default front.

I'm an optimist, and have voted with my capital, but in just a few selected markets. The ARM defaults may tell the story, one way or the other.

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