Letters to the Editor
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The Real Estate investing crowd...
deserves some crap shoveled there way as well. I've been boring my friends to tears at parties explaining that it's just plain impossible to have housing prices rising at double-digit rates every year for a long period of time when incomes were stagnant or barely rising. There's only so much current and future income that households can plow into housing! It doesn't take a genius to realize that if everyone is spending 10% more a year on housing, but no one is making any more income, we have a situation that can only last for 3 or 4 years. Especially with housing already being a huge portion of people's consumption.
With everyone buying and selling property back and forth to each other at massive increases in "value," it was only a matter of time until the music stopped and people were left without a chair. It's just like the predictions a decade ago about dot com firms growing at 20% a year forever... sorry guys, economics just doesn't work like that.
All very reminiscent of a Modest Mouse song, Bankrupt on Selling
So all of the businessers in their unlimited hell
Where they buy and they sell and they sell all their trash
To each other, but they're sick of it all
And they're bankrupt on selling