What's more disconcerting is the fact that housing has driven this little Fairy Tale we've been living. Debt....who cares? Just as long as I'm able to mine the $'s in the form of home equity loans, or buy houses and condos on speculation. What I find most fascinating about the current mania is the notion that somehow assets held in real estate can't collapse (somehow they're immune!). We witnessed a spectacular collapse in equities, if it happens in real estate it will be more devistating. My Insurance agent called the other day and said I should up the replacement value on my house to $1,000,000.00. Now I'm not certain who pays that much money to build houses around here. But when I open the paper and see the asking price on homes, all I can do is laugh!!!
Yes our industry is a good guage, abrasives are still used every where, including metal enclosures. I recall the sheetmetal industry in Massachusettes, around the time Nicholas was investing in Wang Labs debt. From over 150 sheet metal Fabs runnig double shifts, to virtually 1/4 that many within a 12 month span. Yes I am concerned about what is going to happen. Just sitting back and holding a lot of cash and CD's.
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