<p>I’m a Financial Idiot but from my econ/urban studies/planning classes I was always chewing out my teachers pushing the skeptical argument between 04-06 that there was going to be a housing bubble/bust from all the nonsense going on during that period.
My Berkeley Econ/Urban Studies professor agreed with me and looked frustrated from how ignorant and susceptible people can be to marketing ploys. Not only is one of the WORST ways to drive an economy the effects peoples psychology. Besides Hubris, humans are still too vain a creature compared to animals and like to think highly of themselves. Statistically speaking there will always be winners and losers in playing the housing/building market yet the majority will always think they will be one of the winners. I couldn’t believe the year and half long denial stage when prices normalized.</p>