As I keep saying, we've been here before, and those that don't understand history are doomed to repeat it. And it sure is looking and feeling kinda 1929 to me... At least HP readers on both sides of the current housing bubble issue won't be ignorant of historical bubbles and crashes, eh?
Here's a great collection of historic pre and post 1929 crash quotes, via patrick.net
I challenge HP'ers to post recent "there's no bubble" quotes (Bob Toll, Greenspan, NAR, etc)
Here's my favorite - sounds like "there'll be a soft landing in housing, not a crash" that we keep hearing today...
There may be a recession in stock prices, but not anything in the nature of a
crash."- Irving Fisher, leading U.S. economist , New York Times, Sept. 5, 1929