"While Mr. Greenspan happily puts himself out there as the leading economic forecaster and wise man, he also contends that bubbles can't be recognized until they burst. That's like saying you can't tell that your house is on fire just because smoke is billowing from the windows; you have to wait until it bursts into flames. The truth is bubbles are easily recognizable well in advance of bursting, but we cannot know when they will burst." [the Demise of the Dollar, Addison Wiggin]
Last year we bubbleheads saw the smoke and correctly inferred that the house was on fire [there is a housing bubble]. Now, the flames are apparent in the bubble markets. Still, many in the housing industrial complex refuse to see the flames that are engulfing the house.
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