Here's an observation from a pretty smart fellow. In case you don't feel like reading Robert Shiller, towers of ilium is happy to summarize: The U.S. housing bubble was caused in part by people who wanted to make money flipping houses using borrowed money. The concept of "flipping" as a sure way to get rich is entrenched in our popular culture--hence people who are bad at math or misread local conditions, can help create the next housing bubble.
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