Saturday, July 23, 2005

Ponzi-Like Proportions


["Housing turnover is now reaching Ponzi-like proportions," warns Stephen S. Roach, chief economist for Morgan Stanley.

Real estate mania is this decade's version of the irrational exuberance that pushed Internet stocks to ridiculous heights during the last decade, only to come crashing down at the beginning of this one. And just as many investors wish they'd never heard of or XO Communications, a lot of would-be real estate tycoons may soon rue the day they started buying property."]



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