[quote=briansd1][quote=Scarlett]
What is so special about anybody who had earned a graduate degree, put in 10-15 years of good hard work, that’s what. If you don’t think somebody smart and hard working with a lot of experience would deserve anything…[/quote]
Smart and hard working is all relative.
Actually, I do think that people deserve some things.
But market economics does not care about deserving people. It only cares about supply and demand and ability to pay. Under that system, if you can’t afford to pay, you’re out of luck, period. Find something else, somewhere else that you can afford….. just saying that’s how it works.[/quote]
Brian,
The issue here is exactly what you are referring to…NORMAL “supply and demand” are NOT what’s moving the market, and that’s NOT what has moved the market over the past decade.
We have seen an unprecedented CREDIT bubble, the size and scope of which we haven’t seen in our lifetimes (if ever). The main beneficiary of all of that credit has been the housing market. The ONLY reason prices are levitating above their fundamental values is because the govt and Federal Reserve have stepped in on so many levels to keep “supply and demand” from setting prices.
If anyone thinks today’s prices are being held up by “fundamentals,” they are truly delusional.
