If I had written today's post A New Housing Bubble In The United States even two or three years ago, that story probably would have provoked a flurry of comments.
But not now, not in 2013. We Americans have become jaded, cynical, realistic—call it what you like.
A new housing bubble? No big deal! That's just par for the course, and of course that view is correct.
I'm not chastising people for not commenting. I merely want to point out the change in attitudes over these last few years. Americans are giving up, and I'm not criticising that either because that's a sane and self-preserving way of looking at our current situation.
You may ask yourself, how do I work this?
You may ask yourself, where is that large automobile?
You may tell yourself, this is not my beautiful house
You may tell yourself, this is not my beautiful wife
Same as it ever was
Its pretty clear as long as taxes on wealth are low, the wealthy will choose speculation, whether its in housing, commodities , or whatever. Its one reason the economy and the now non-existent middle class did better back in the 50s-60s with high marginal tax rates. I would argue that speculation should be banned in essential resources, like housing, food, energy and healthcare but that doesn't seem to be the American way :)
Posted by: Jamie | 03/26/2013 at 01:31 PM