CHANGE 2 July 2012 Bryan Kavanagh 1 Comment [GUESS WHY AUSTRALIA HAD A RESIDENTIAL REAL ESTATE BUBBLE?]
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Excellent analogy, and your not blowing smoke either. Its been banks and real estate
That has been blowing smoke in our faces, with their hubris about property only ever go’s up in price, what a stench. Baby Boomers got hooked BAD! And had this philosophy of why smoke one chimney when you can chain-smoke ten, as in owning multiple properties, Chain-smoked as in financed leveraged. Now the chains are broken, its too late for any Nicotine patches (FHBG), we tried those, to ween the addicts off the property binge, because it terminal to the patient, those holding mortgages and the pushers, the banks, as nobody wants the product anymore, and young generations know its not good for health.The intergenerational social contract cannot be repaired till the bubble deflates and prices become fair.