Social Question

ETpro's avatar

When did the media newscasters first start calling the US real estate market of the past 10 years a "bubble"?

Asked by ETpro (34461points) August 24th, 2010

I was just wondering whether there is a shred of credibility in the claims of the Wall Street geniuses that “They just didn’t realize that nothing goes up forever.” Isn’t it more likely that they knew that perfectly well, but that they also understood the concept of “Too big to fail”? Didn’t they know that the taxpayers would be left with the Hoboson’s choice of either bailing them out or living through a second Great Depression? Isn’t it possible that a group of multi-billionaires arranged to set up a fire sale where they could grab property and businesses at a dime on the dollar, then reinflate the market to cash in on their larceny?

I’m not a conspiracy theorist, and I can’t name who may or may not be behind such a conspiracy. But I do recall newscasters speaking of the bubble in housing prices long before the bottom fell out. It’s pretty hard to believe that the media and most of the general public knew there was a bubble inflating, but the geniuses of Wall Street and international finance were utterly oblivious to that fact. So if we have to go get a rope, whom do we hang?

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6 Answers

Ben_Dover's avatar

It was around 2002 or 2003 when we all saw the real estate market blowing itself up ridiculously…by 2004 – 2005 we were wondering when the bubble would burst!

ETpro's avatar

Thank you. I tried to Google it, but didn’t find anything.

Ben_Dover's avatar

I lived through it and I remember what happened.

ETpro's avatar

@Ben_Dover So did I but I had already been living so long that my memory’s not that good. :-)

Jboy's avatar

Yes, your right! Some of these “too big to fail” giants probably should fail. It would be tough going for a bit, but it may purge our system of some absurdity. And yes “they” knew that the American public were going to be the ones to foot the bill for the giants mistakes; this is how the system was setup. Check out a book called, “The Creature from Jekyll Island”. It’s a fascinating read. It’s borderline conspiracy theory, but they have a lot of lagitimate information in the book that sheds some pretty scary light on the inner workings on things like the fed and monetary policy. Hang the system :)

ETpro's avatar

@Jboy Thanks for the response, and welcome abaord at Fluther. As far as I can see, the system is still set up for a repeat. The Dems actually did try to tighten controlls enough to stop a repeat, but Roadblock Republicans in the Senate made it clear that anything meaningful in restrictions on too-big-to-fail would fail to get a cloture vote and would die of filibuster threat

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