CAR, very well said and that’s what I was trying to say with the reply to jpinpb. I still think we would still have a bubble even if rates didn’t drop (due to #1 and #2 in your post). #3 just ad fuel to an already burning fire. Rates were lowered because of the .com crash. If the economy continue to hum along w/out that crash, I don’t think we’d see #3. Even w/out #3, I think we’d still see the bubble, since as you said in 1997, people were already flipping houses and by 2000, people were already starting to call it a bubble.
