Now that I think about it that line of reasoning reminds me of the Nasdaq implosion. (special note: I know the difference between a stock market correction and a housing correction). During the darkest days of that crash you still had the tech investors hanging on to the “New Metrics” of stock valuations. You still had people jumping from start up to start up in search of options only to find shells of companies with no more venture capital. They were still preaching the Gospel of the “New Economy” all the way to bottom. Patient Renter this rationalization is tortured at best especially in the face current market realities.
