Cut to some gripping charts, and then he concludes with,
"Early in the crisis I thought that people would be up and furious about what was going on. I’m not so sure about that anymore. If a crisis that was the worst since the Great Depression didn’t get large number of Americans out to the streets and demand substantive action then nothing will. Where is the organized movement to reform the capital markets? Where is the multi-million person organization to break up the too big to fail banks?
"This is why this leakage accompanied by falling wages seems to be the path forward. Do you think big east coast investment banks care if certain prime cities in California see a 50 percent price decline? They don’t and that is why we are seeing more homes leak onto the market. The profits made globally are now surpassing the chump change in housing so expect more lower priced homes to hit the market to reflect the lower wages Americans are earning. McJobs to accompany the McMansions."