Your analogy of the pipes seems spot on. I’m currently selling an underwater condo in Norfolk, VA for 40% less than I bought it ten yours ago while I was in th

Your analogy of the pipes seems spot on. I’m currently selling an underwater condo in Norfolk, VA for 40% less than I bought it ten yours ago while I was in the military. Now, I’m working in Silicon Valley where no one can afford a house, where friends and family’s houses have doubled in price over the same period. It is two different worlds. One has Trump bumper stickers, the other Hillary. One never recovered from 2008, the other is doing great. More than broken pipes though, I feel this is the natural tendency of easy money. As the central banks hand out money, they hand it to the well connected. This money is then misallocated since it wasn’t distributed by the market but by fiat and this is the underlying cause of the decline in productivity. Raising rates, paying off debt, and less government micromanaging, while painful in the short term, is required in the long term for stable, efficient markets.