How housing became the world’s biggest asset class
When will it finally crash? Housing prices has reached a level of nonsense again.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.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.QE has impoverished us all (except for the fat bankers).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.