Fair call GSE. I was just trying to use an Australian example but you are right. This bubble much more closely resembles Japan in 1990. I lived there for a number of years and saw what the crash did to their economy. It never really recovered. The bigger the bubble the more damage it does it seems.
I also would like to hear why the bulls are thinking the bubble is normal but no-one seems to want to take up that fight. Perhaps because it has become too irrational an argument. Anyone want to tell me why housing at 10 times income in Melbourne and Sydney is sustainable and is the new norm? And why "it's different this time"?
