For me its not about missing the boat, if people made money on this boom then all the power to them, congratulations. I am not against people making money. I owned a property in Kirkland WA from 1993 o 2004 so I got on the boat, smaller boat, but a boat none the less. Here is what makes me angry and dare say bitter. It’s the disruption of the market place in an asset that is so essential to one’s life and lifestyle. As we are now going into the full blown portion of the correction one can see how this misallocation of credit was nothing more than an unnecessary obstacle for somebody to lay down roots on move along in their lives without risking financial armageddon. Other than the few who sold at the top nothing good came from this financially, socially and economically.
On a more serious note here is something to ponder. I think about this often. The threat of terrorism unfortunately is very real. Right now as a direct consequence of this credit/housing bubble we are looking down the barrel of a financial crisis not seen since the Depression, that is not hyperbole and that does not mean a depression is guaranteed to happen. Point being the U.S. is very vulnerable right now to any type of financial shock. Ask yourself what would be the impact of a 9/11 type event NOW?? If you were a terrorist, some of these people are very educated in regards to all elements of our society and economy, when would you make your next hit?? I don’t mean to be an alarmist but those are real questions. We just simply cannot afford to put ourselves in these predicaments.
