Housing Implosion...Update

Fallout from the subprime debacle continues and spreads (despite all assurances that it was contained, surprise, surprise). I find this quote the most honest - This is not going to be a short affair,'' said V. Anantha-Nageswaran, head of research for Asia at Bank Julius Baer (Singapore) Ltd. ``By the time it ends, in three to four years, people will not want to hear of financial markets or real estate.'' Julius Baer Holding AG is Switzerland's biggest independent money manager.