Mike Mac.... sent me this e-mail last week (it's always good to get good reviews!)
Hey man, love your blog.
I was thinking about the "It's different this time" line of reasoning. I'm a big fan of Dickens and this comes out of Nicholas Nicholby. I thought you'd find it interesting:
`Spec--u--late, my dear?' said Mr Nickleby, as though in doubt.
`Why not?' asked Mrs Nickleby.
`Because, my dear, if we should lose it,' rejoined Mr Nickleby, who was a slow and time-taking speaker, `if we should lose it, we shall no longer be able to live, my dear.'
`Fiddle,' said Mrs Nickleby.
`I am not altogether sure of that, my dear,' said Mr Nickleby.
`There's Nicholas,' pursued the lady, `quite a young man--it's time he was in the way of doing something for himself; and Kate too, poor girl, without a penny in the world. Think of your brother! Would he be what he is, if he hadn't speculated?'
`That's true,' replied Mr Nickleby. `Very good, my dear. Yes. I will speculate, my dear.'
Speculation is a round game; the players see little or nothing of their cards at first starting; gains may be great--and so may losses. The run of luck went against Mr Nickleby. A mania prevailed, a bubble burst, four stock-brokers took villa residences at Florence, four hundred nobodies were ruined, and among them Mr Nickleby.
Tell me Rennie doesn't have a villa in Florence. :)
Indeed! I have noticed that many places that I see "For Sale", whether on MLS, or in driving around, are empty. No furniture, no plants, no swing sets in the back yard...empty. Who owns these houses? Speculators is my speculation. And they will be ruined. Unfortunate fools will be too, but nobody forced anyone to buy such insanely priced properties.
And really, RE is the least of our worries.