Bullish about Housing, the Econ? This Might Change Your Mind

Barry Ritholz's blog, The Big Picture, quotes Dhaval Joshi, chief strategist at RAB Capital, a London-based hedge fund:

"Can the U.S. economy really return to 'business as usual' when it has 4 million houses surplus to requirement [sic], when one out of four mortgages are in negative equity, and when by our calculation, it is burdened with $4 trillion of excess mortgage debt, equivalent to 30 percent of GDP?"

To read the full piece, go to Ritholtz's blog and scroll down to the entry titled, "The $4 Trillion Question."