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I should add, in response to Windy's great post on what has come to be known as "irrational exuberance" that while that was in fact the condition and smart home owners knew it, there was little they or anyone else could have done. Other than refinance at a lower rate or sell if the offer was just too good to pass up. The point being, and the thrust of the article in The Atlantic, is that bubbles happen--they'll happen again, that's the nature of markets. Where Windy and I are inseparable is in our disbelief at the foolishness of the government response.
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“Scientists are people who build the Brooklyn Bridge and then buy it.”
Wm. F. Buckley, Jr.
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