By definition, the people involved in the bubble believes the situation is sustainable. They HAVE to. Its a herd phenomena, with a real price rise enforcing t

By definition, the people involved in the bubble believes the situation is sustainable. They HAVE to. Its a herd phenomena, with a real price rise enforcing the belief in the trajectory of those price increases. But at some point, despite all efforts to recruit more people into the bubbly market, price increases slow then stall and beliefs change and the down trend inevitably begins. The naysayers, the non-believers, those darn negative people who don't buy in and reinforce the bubble but actively try to save their friends, will always be swimming against the tide. The difficult part is distinguishing between social proof and actual facts. The fact is that most of us are followers and that will always be the case. That's how we're wired. If it weren't, societies wouldn't even be possible. The best we can hope for is to keep the use of force out of the equation. We were all forced to take on the risks of all that lending, something we would not have done voluntarily. Now we are on the hook for it and some day we will realize how truly costly it has been. Til then, feel free to think of me as a crackpot.