Ah, the wealth effect. Always so fun on the way up (like the dot-com rush of '99 and '00). But boy, watch out for the way down (like the dot-com bust of '01 and '02).
Also, during the bubble, tons of jobs were created to build these unneeded overpriced homes. Now those same jobs (and more) go away as more homes aren't needed for quite some time, now that we have massive oversupply.
July 31, 2006
Posted by blogger at 7/31/2006