Except, of course, that it isn't.
It was maddening when the press finally discovered that oh, maybe, there's a wee problem with the housing market but it's just those bad subprime loans. People like me were screaming that this was bullshit. Actually we were screaming about the subprime loans before they noticed, and then once they noticed the subprime loans we were screaming about the rest of them. Aside from the signs of the bubble itself, I knew that there was a problem because I knew that not enough people in this country earn enough money to afford $700,000 homes.
But it's all very complicated. Bygones.
