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Quotes about Real Estate bubble from the world's top natural health / natural living authors

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"This is true of the real estate bubble on both coasts in 2004 and 2005. Houses in Southern California were increasing in value at four times the rate of gross domestic product (GDP) growth and an infinitely great multiple of real income growth—which was negative. It made no sense, but who mentioned it? Prices were rising; investors had no trouble coming up with reasons. It was a new era, they said; property would never again be worth what it used to be. In politics, too, there are bubbles—times when the horizon is so clear and cloudless, people begin to think it will never rain again." - William Bonner, Addison Wiggin, Empire of Debt: The Rise of an Epic Financial Crisis (Get the book.) "He is the poor loser who forgot to buy tech stocks in the late 1990s and now is missing the real estate bubble. He is the quiet, lonely dork who never gets invited to parties and has nothing to say—except an "I told you so" that he has been holding onto for years waiting for the right moment. AMERICANS GET POORER . . . "This is the greatest crisis facing the country that people can do something about," writes Ben Stein in Forbes. Stein is talking about people who fail to save enough for retirement. "With less than 20 percent of U.S." - William Bonner, Addison Wiggin, Empire of Debt: The Rise of an Epic Financial Crisis (Get the book.) "When the U.S. real estate bubble pops . . . some of that old virtue is likely to make its way back home. Americans will save again. Whereas they put aside only a penny on the dollar now . . . they are likely to set aside 10 cents or more. The savings crisis will be over. A new crisis can then begin: a depression. In traditional economic theory, people save. Their savings are borrowed by entrepreneurs and businesspeople to build new enterprises, new factories, and new consumer items." - William Bonner, Addison Wiggin, Empire of Debt: The Rise of an Epic Financial Crisis (Get the book.)

"The debt bubble. The real estate bubble. The trade deficit bubble. The American Empire. They are useful only as evidence of conspicuous consumption; they wink to the opposite sex that the animal is fit for procreation and game for a little hanky-panky. If he can carry around all that extra baggage and still survive, he must be tough. So, too, if a person can live in a McMansion and drive a Hummer without going bankrupt, he must be a good prospect for a date. But it's all relative." - William Bonner, Lila Rajiva, Mobs, Messiahs, and Markets: Surviving the Public Spectacle in Finance and Politics (Agora Series) (Get the book.)

"To use an old cliche, most people assumed that their money was "as safe as houses," which is ironic given the havoc a bursting real estate bubble will eventually wreak on government finances. Yet in decades past, investors might have balked at financing the debt of a nation with a current account balance—the difference between what it consumes and what it produces—of close to 7 percent of output, as well as other obligations that seemed to grow exponentially. Even investors outside our borders, who should have known better, were oblivious to the realities of an American economy gone bad." - Michael J. Panzner, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Get the book.) "Regardless of the reasoning behind the purchases, house prices had outstripped income growth by a factor of six over five years, according to a Harvard University study, helping to create an unsustainable real estate bubble of epic proportions. Property-related borrowing also played other roles in the economy. Refinancing activity that tapped home equity—the value of property less any debt owed on it—grew to represent a sizable slice of the overall market." - Michael J. Panzner, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Get the book.) "Together with the fallout from a deflating real estate bubble, deteriorating credit conditions will lead to substantial casualties. But not only individuals, firms, and public-sector authorities are exposed. The victims will also include government-sponsored enterprises (GSEs), banks, and insurers that have pledged to stand behind trillions of dollars of asset-backed securities, municipal bonds, and various obligations. This includes Fannie Mae and Freddie Mac, which will suffer under waves of defaults by overextended homeowners." - Michael J. Panzner, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Get the book.)

"From that point on Greenspan's Fed embarked on a long trail of lower interest rates—the magical generation of ever-easier credit— that spawned yet another episode of destructive mischief in the entropic economy: the real estate bubble, perhaps the last act in the sorry drama of the hallucinated economy. Home: The Last Refuge of Value It was perhaps natural that at a time when America had become a wasteland of traffic congestion and cartoon architecture, the public would invest such inordinate psychological capital in the idea of home ownership." - James Howard Kunstler, The Long Emergency: Surviving the End of Oil, Climate Change, and Other Converging Catastrophes of the Twenty-First Century (Get the book.)

"Most Americans did not worry when the nation's top auditor, Comptroller General David Walker, suggested that the United States could be likened to Rome before the fall. Or when he said that the nation was facing "a demographic tsunami" that "will never recede." Even more surprising was the muted reaction to an article written by Boston University economics professor Laurence J. Kotlikoff for the July/August 2006 Federal Reserve Bank of St. Louis Review. He asked—rhetorically, it would seem—"Is the United States Bankrupt?" - Michael J. Panzner, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes (Get the book.)

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