Know how on roller coasters, you get closer and closer to the top of that first hill, and you think, here it comes! Here it comes! Closer! Closer! A little bit more! And you anticipate the feeling in your gut, and it seems endless?
I’m watching people do this who think that drop isn’t coming at all. And it might not come any time soon. But I think it’s soon.
Even the normally cheery New York Times sounds gloomy, and this week I read an article in the Wall Street Journal which pointed out that influential investors such as CALPERS (the California state retirement fund, one of the country’s largest institutional investors) are selling off significant amounts of stock in REITs and home-builders, as well as dumping a lot of their direct real estate holdings.
Closer! Closer! Here we go! Not quite yet! Almost!
Secretly Ironic 