Guest Commentary at Prudent Bear

Prudentbear.com has another good article from a guest contributor. If you are not familiar with Prudentbear.com, and are curious about how the housing bubble is really being fueled by a broader credit bubble, then try to read some of the commentary their at least once a day.

"US housing prices and consumer spending- marching in lock step- have delinked from household earnings, long term trends and sustainability. In 2003, half of the nation’s $7 trillion in mortgage debt was either originated or refinanced. Credit availability, 40-year low interest rates and rising debt tolerance seized the reins from prudence and off we went..."