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[Clansgian AT wmconnect.com]

> Would you care to add anything?

Just one thing, otherwise you have the straight of it.   The other thing was 
the belief that the old saws of "they ain't makin' any more land" and "people 
have to have a place to live" had anything to do with the value of real 
estate.  They don't.


But the things you mentioned are the CAUSES of the bubble, not something 
different from a bubble.

It would be like someone positing that there is a world wheat shortage (which 
many are indeed positing) and someone objecting that it isn't a wheat 
"shortage" (don't like that word 'shortage') but rather a year of high wheat 
consumption, rising population, lack of fossil fuel based fertilizer and farm 
machine 
fuel, drought and bad weather, and more farmland taken out of wheat 
production 
and used for biofuels.  But it's not a shortage!

Those are causes of the shortage, not something other than a shortage.  The 
reasons you cite about housing are quite correct.  They are CAUSES of the 
bubble, not something other than the bubble.   </HTML>