What’s the surest sign of a bubble? Brainless nincompoops are effortlessly making a boatload of dough.

Think about it… the Daytrading Internuts of 1998/1999… the 0%-down Condo Flippers of 2003/2004… and the Subprime Mortgage Brokers of 2004/2005. Few of these clowns ever really knew what they were doing, but sheer market momentum carried them into temporary riches for some period of time.

Of course it all has to end badly. After all, unless you’re REALLY lucky you can’t outperform your accumulated human capital for a long period of time. It’s just not how markets work.

So the vast majority of these mortgage broker bozos who made $500K – $1MM for a few years and levered up their lifestyles accordingly will soon be back down to their “natural employment habitat”… scrambling for marginal work and liquidating assets…