Canary in the coal mine?
Bill Fleckenstein is a private money manager who has always found time over the years to write a regular column for MSN Money and others. Fleckenstein is a card-carrying contrarian, so his commentaries are often of the "yes, but..." variety (during the late 1990s, he was constantly warning that tech stocks were overvalued and due to crash). He has his own subscription-based web site now where he provides running commentary on stocks, the markets, housing--you name it. Fleckenstein posted an email he received from a reader recently, which counters the bullish comments by those forecasters who contend housings woes won't tip the economy into recession. Here's the email, plus a brief comment by Fleckenstein from his "Daily Rap" report:
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