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Originally Posted by sebastian_dangerfield
Lewis is wrong. Everybody knew housing was a bubble.
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That's only half the problem, though. I think what people didn't know is when it would end.
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The only assholes who didn't were the high-on-hubris and utterly clueless fucks near the top
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And the ratings agencies.
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They aren't spending shit and won't be doing so because persistent slow but insidious inflation in the cost of necessities (fuel, communication, rent, etc...) is fucking them.
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Perhaps tomorrow I will find you some data, but this is a myth. Or rather, the existence of the inflation is a myth. The perception of the inflation isn't a myth, and is itself enough to support your point.
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The data's broad and the headline's "Deflation!"
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More specific data is available.
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