No, it hasn't always been; you're conflating historically consistent and reasonable cycles with the speculative manias that have occurred over the past two deca

No, it hasn't always been; you're conflating historically consistent and reasonable cycles with the speculative manias that have occurred over the past two decades. Make no mistake: we are not in a normal cycle. What's a "normal" cycle? Cycles all differ. Some are extreme like in 2008 and others are much more muted. But regardless, housing cycles have always happened. Even Shiller admits this.