See if this reminds you of anything, by the way:
Part of it was the usual bubble psychology. Economists like to cite Stein’s Law: “If something cannot go on forever, it will stop.” I think it needs to be paired with another law — let’s call it Glassman’s Law — along the lines of “If something unsustainable goes on for a while, there will be people claiming it can go on forever.”
And I know that when I began writing about housing, I got a lot of mail from people claiming that I was only saying that there was a bubble because I hated Bush. Honest.
Anyway, it’s just amazing. The reality of a housing bubble was staring us in the face — but nobody wanted to see it.