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You know that total gloom and doom have taken over when people start talking about how this real estate downturn is even worse than the early 1990s debacle, which was billed as an industry depression not to be repeated for generations. But that's the current vibe. Market psychology tips toward capitulation–”it's bad and its just going to get worse,” says a former colleague at a major investment bank.” Says another veteran at a well-known advisor–”This is definitely worse than twenty years ago, because everything is in the tank, not just real estate. It's a worldwide financial melt down.”

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