In the posting that follows, I discuss investment prospects. In haste, I omitted what was a key point.
One of the most important components of investment is investment in new housing. Needless to say, this is dead as a doornail and will be for a good number of years. It is yet another reason why the recovery will be weak or why a double dip is possible—still being predicted, in late 2010, though with greater tentativeness, by Dr Doom, Nuriel Roubini.
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