Bill McBride SubStack
https://calculatedrisk.substack.com
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Full Powell Video
At the end of the day, the markets are a simple equation we all learned in our economics 101 class. Supply and demand. Behind every crash, including real estate, one or both sides of this equation collapses causing serious damage to price’s. But before you click off the video thinking this is going ot be a math or econ lesson, understand this. We know that during this past run up in price, one side of this equation has been pushed to it limits. Inventory aka supply.