You live in the pwn3rship society.
(part of the ET's ClassicalTM Series)
The housing bubble has been indeed very useful: unlike the previous Internet bubble that only enrolled the stock owning people, housing bubble allows to enroll just about everyone. And this "wealth effect" was sorely needed to offset wages than have been stagnant or declining since "Morning in America". Europeans think a hundred miles is a long way. Americans think a hundred years is a long time.
