And as always he seems to puzzle some of his interviewers with his views, as they seem to wonder to which degree he’s exaggerating…Which lead me to his previous book, Hot Commodities, and the following quotes:
Sitting on top of $7.3 trillion in home mortgages, Fannie and Freddie are scandals in the making.
And later, both quotes in the first chapter:
A massive speculative bubble in the U.S. housing market seems to be floating from coast to coast, and as it bursts (as bubbles always do) some serious pain is in store for the millions of Americans who have been borrowing agoinst their home equity at record rates—$750 billion in 2003. The resulting loss in wealth could be between $2 trillion and $3 trillion, sparking an economic downturn reminiscent of the one that resulted when the dot-com bubble went kaboom.