There is no recovery

http://theautomaticearth.blogspot.com/2009/12/december-11-2009-there-is-no-recovery.html

Until I see old, crappy 500 sq ft houses selling for $50K in California like they were 10 years ago instead of $500K+ I won't agree with anyone that housing has stabilized. There is a lot more pain ahead and I'm tired of the manipulated numbers coming out of Washington (e.g. "seasonally adjusted BS") showing how things are improving. They aren't. Sales tax receipts are way, way down. Rail/truck traffic is down y/o/y. Personal income tax receipts are way down. Property taxes are down. Travel is way down y/o/y. Corporate tax receipts are essentially zero. Greece, Italy, Spain, Baltic states, Ireland, Japan, etc. are all running into big trouble. Dubai is cratering. There is no recovery and things are really much worse than they were last year.