Very insightful, good article, thanks. I just want to add one...

Very insightful, good article, thanks. I just want to add one point that our real estate bubble is not without its "positive" effect. Hundreds of thousands of new immigrants spent their life's and their parents' life's savings from their original countries on our far overvalued houses, especially Asians, due to their culture. That is net wealth inflow. I am not saying that is morally good. PIGS don't have that advantage. Even the real estate bubble bursts later, that part of the wealth will be trapped in this country permanently in our life time. Other than that I totally agree with you.