We'll be talking about this mania and crash for the rest of our lives.

The late great housing bubble was such a perfect and textbook financial mania. Every single criteria was met, straight out of the mania (and eventual panic) gameplan.

But just wait now, loyal HP'ers, for the fallout from the biggest mania in recorded human history. A mania which caught in its trap over 70% of the American population. A mania on steroids, with unimaginable levels of leverage, the likes of which we've never seen before. And a mania with an almost surreal level of fraud and deception.

Oh, we'll be talking about this mania and crash for the rest of our lives. And so will our children, and our children's children. And 500 years from now, The Great Housing Bubble will be taught in classes.

I couldn't be more proud. We did it. We created the biggest financial mania in recorded human history.

Congrats Americans! Congrats people of the world! You did it!

Now deal with it.

And isn't it time for Newsweek or Time to put the housing crash on their cover already? The AP story of the year after all. What are they waiting for?

An economic bubble (sometimes referred to as a "market bubble", a "financial bubble", or a "speculative mania") refers to a market condition in which the prices of commodities or asset classes increase to absurd or unsustainable levels (that no longer reflect utility of usage and purchasing power).

It occurs when speculation in the underlying asset causes the price to increase, thus encouraging even more speculation. The bubble is usually followed by a sudden drop in prices, known as a crash or a bubble burst.