How housing became the world’s biggest asset class
When will it finally crash? Housing prices has reached a level of nonsense again.<p>Back in 2007, there was a report of some guy spending an astronomical $800,000 USD for a house somewhere outside of Silicon Valley, like in Tracy, I think. This was bonkers back then.<p>But now, nobody bats an eye anymore, and thinks it’s perfectly normal to spend that much on a house in previously economically depressed areas.<p>QE has impoverished us all (except for the fat bankers).<p>What is the black swan event that will finally trigger the stock market melt down? The price of SPY has gone exponential. A look at it, and it appears to defy gravity. But yet, everyone is celebrating on the streets it seems, as if the good times will finally last forever.