Writes Rob Atkinson:"When hurricane Katrina demolished more than 275,000 homes, America was $80 billion poorer. In contrast, after the recent financial hurricane demolished the value of homes, there were 750,000 more homes in America. Current owners will get $2.1 trillion less when they sell and will have to forgo that new car or vacation. But future buyers will save $2.1 trillion and that new car or vacation will go to them, rather than the seller."More here.
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