"Of course, some people still deny that there's a housing bubble. Let me explain how we know that they're wrong." Dette skrev Paul Krugman i 2005, merk året. Finanskrisen var imidlertid et faktum først i 2007-2008.
Krugman skriver videre:
Nobody would pay San Diego prices without believing that prices will continue to rise. Rents rose much more slowly than prices: the Bureau of Labor Statistics index of "owners' equivalent rent" rose only 27 percent from late 1999 to late 2004. Business Week reports that by 2004 the cost of renting a house in San Diego was only 40 percent of the cost of owning a similar house - even taking into account low interest rates on mortgages. So it makes sense to buy in San Diego only if you believe that prices will keep rising rapidly, generating big capital gains. That's pretty much the definition of a bubble.Krugman fikk forbausende rett i sin spådom.
Spørsmålet er som Josefsen (der jeg snappet linken) skriver: Er dette Norge i 2011?