“It’s different this time,” said real estate brokers

It’s always “different this time” when you are running money inside an asset bubble. Charles Mackay told us that a century and a half ago, but nobody ever listens when they are charging with the herd. Jeff Matthews has said it plenty of times – but all he hears nowadays is “It’s the pits.”


And the visiting band is playing louder every day. Looks like 2007-8 will be a good time for speculation, that is if you have any liquidity.

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