..US$8 trillion housing bubble, which saw an 86% run-up in housing prices between 1996 and 2006, climaxing with a spectacular crash that nearly bought down the entire banking and financial system in the US.
Again, economists either missed or denied the existence of a housing bubble, though many fundamental indictors clearly pointed to this reality.
In Australia, our $2 trillion housing bubble has seen prices rise by 127% from 1996-2010, and every fundamental indicator is off the chart.
But while it seems logical to conclude that Australia's property bubble will inevitably burst, very few observers seem willing to do so...
