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Posting my own predictions and the opinions of others keeps this debate alive and I believe on track. After all we are trying to guess what comes next.
I fully support MGs comments as to culpability and I go further, it was done deliberately and as a result of collusion amongst professionals to earn fees and commissions.
I support Peter Good’s outlook that the property market is inherently cyclical and that these trends develop with a number of interruptions when other events have an influence. Generally it is, as far as Spain is concerned, quite Biblical, 7 good years followed by 7 bad. Must be the influence of the Catholic Church owning so much property and indeed owning one or two of the banks.
As to a 15 to 20 year economic recession in Spain, possibly an exagerration and time will tell. I am cautiously optimistic of a fragile and selective upturn from 2010 with setbacks and a firmer more general recovery from 2012.
A short summary, everyone bought what everyone thought someone else would buy and for more, and now nobody wants any of it.