Over on an investing website today, with the stock indexes posting egregious losses, someone posted the sort of pablum one typically hears from long-only, un-hedged money managers, who skim management fees off of big piles of money for a living. I’m not going to link to the fellow’s post, as I don’t mean to attack [...]

From today’s New York Times, “Building is booming in a city of empty houses”:
Home prices in Las Vegas are down by 60 percent from 2006 in one of the steepest descents in modern times. There are 9,517 spanking new houses sitting empty. An additional 5,600 homes were repossessed by lenders in the first three months [...]

Not verbatim, of course — they write in different idioms — but it seems that, for Dr. Hussman as well, the forecast calls for pain. From Hussman’s weekly market commentary (“Extend and pretend”):
Investors have chased risky securities over the past year to the point where the risk premium for default risk has eroded to [...]