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Promoting home ownership has historically been little more than an attempt to infect the public with a speculative mentality. In point of fact, this was a deliberate strategy of the Thatcher regime. "Shared beliefs and myths about real estate" is the relevant speculative mentality (or its absence).

But you're right in the sense that speculative bubbles are fragile things: Monetary policy can puncture them, if it is applied with some care; fiscal policy can puncture them with ease; a depressed public mood can prevent them altogether; and even a dose of vigorously voiced pessimism from someone who enjoys a reputation for being Serious can snap some people out of it. So the presence of a speculative bubble indicates failure on several level, from cultural myths to regulatory inaction.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Aug 26th, 2010 at 12:52:28 PM EST
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