His prognosis is pretty much the worst-case scenario, and one that readers here should know is possible. But what’s really amazing about this video is the brutal honesty of this guy. Wow. Watch, and share. “It’s gonna crash…and it’s gonna fall hard.”  

Until someone with some clout stands up and admits that our real problem is too much debt, and until we introduce policy to eliminate debt instead of simply refinancing it, it’s hard to imagine the global economy or our local housing market getting better any time soon.

Greece, as it turns out, was the Eurozone’s canary. The canary was resuscitated and a small rescue mechanism was set up to revive a further canary or two – but beyond this the warning was ignored. The miners kept on working. They convinced themselves that this was the canary’s problem.

About the only thing there was seeming consensus on in Europe was that Greece will eventually default. The question is when. European leaders, along with the IMF, have caved and will give Greece €12 billion to tide them over while they debate on finding €70-100 sometime late next month.

Especially since the 1990′s, home prices have largely been driven, directly or indirectly, by the actions of The Fed. The Greenspan Fed enabled the Credit and Housing Bubbles, and the Bernanke Fed is doing everything it can to keep them inflated, extending and pretending, hoping the fundamental core economy will eventually catch up.