The great reversal

US mortgages are a «black hole», according to Tony James, president of private equity group Blackstone. US Commercial real estate price look set to tumble. There’s dark news on UK house prices. Credit spreads have widened worldwide. Equity and most commodity prices seem to be topping out. Welcome to investor purgatory. For the five years before 2007, it was investor heaven. Most asset prices around the world grew at a faster pace than the overall economy. Shares were only recovering from the 200...