The Daily Reckoning On The Housing Bubble
The folks at The Daily Reckoning mentioned yesterday vis-a-vis the Housing Bubble: “…What a run it has been. The Center for Economic and Policy Research reports that the housing market added $5 trillion in ‘bubble wealth’ to the American economy, an amount equal to $70,000 for a family of four. That is the fraudulent money that has sustained Americans at a standard of living they cannot really afford. It is the source of the illusion that the U.S. economy is growing and healthy. It was psuedo-wealth, an asset that really didn’t exist. Too bad so many people spent it. “House …