We just saw this chart on ZeroHedge, mocking the idea that houses are coming back.
Haha, the recovery is tiny!
That reminds us of this post we saw on Paul Kedrosky’s blog in May 2009, mocking the idea of a retail recovery.
Photo: Paul Kedrosky
Well it turned out that was green shoots.
Let’s carry it forward a bit.
Bottom line: Don’t mock the green shoots. Recoveries have to start at some point.