Steve, back then, they thought that SD had just been “discovered” and that there was no limit to how valuable land would get. They were painfully disappointed, of course.
What we have today is very similar, only the magnitudes are somewhat different: 10x appreciation in 3 months in the 1880s compared to 2x appreciation in 4 years in the 2000s.
Many of today FBs’ grandchildren will probably one day say what you said today about past idiocy: “Grandpa, your house value doubled in 4 years, with no fundamentals driving it, and you still thought it could only appreciate more??? What were you guys smoking in 2005???”
