When Bernanke said the subprime problem is contained:
“At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained,” Bernanke said in prepared testimony to Congress’ Joint Economic Committee.
He was wrong. Similar claims about foreclosures are also wrong, except in so far as their being contained within the borders of the USA, as clearly indicated by this excellent post.
The post shows how Google maps can be used to examine foreclosures around the USA.
It shows that there are lots of houses that will have to rot or drop before prices can sustainably rise in real terms. At least that’s my interpretation. But read the post.
The range of uses that Google Maps is being put to says something about the versatility of technology and humanity. It says something of the ability of people to create something new. Of the potential of technology to create and satisfy needs we currently can’t even imagine, to the benefit of us all.