A and B are in a room with a mortgage officer. A: hey B, do you want to buy my house for $270,000? I paid $200,000 for it but that was ten years ago. B: Let

A and B are in a room with a mortgage officer. A: hey B, do you want to buy my house for $270,000? I paid $200,000 for it but that was ten years ago. B: Let me check. Hey mortgage officer, can I borrow $270,00? Mortgage officer: Let me check. Well, prices have been going up so I think it's a fair investment. Sure. B: SUre. A: Thanks. A walks out of the room. C walks into the room. B: Hey C, do you want to buy my house? I paid $270,000 but prices have been very strong. I'd like $290,000. C: Let me check. Hey Mortgage officer, can I borrow $290,000? Mortgage officer: Let me check. Yes, prices have been really good. This seems like a safe investment for us. Go ahead. C: Sure. Here's $290,000. B: Thanks. B walks out of the room. D walks into the room. C: Hey D, do you want to buy my house for $315,000? I bought it for $290,000 but prices have been going really strong. D: Well, let me check. Hey Mortgage officer, can I borrow $315,000? I want to buy C's house. Mortgage officer: Let me see. Well, prices have been really strong - seems like a safe investment to me. Sure. D: Okay, here you go. C: Thanks. C walks out of the room. Question: if you roll around to A after you get to Z, then at what point do the musical chairs end? Who is responsible for the pricing bubble we have just witnessed? It seems to me that it's not the flippers.