With our politicians believing and telling us that the way to deal with the effects of the bust of the last housing bubble is to have a new one all bets are on as to where this one may lead us.
The experience of the USA is the subject of an article in the Mises Institute website by Ryan McMaken who asks the question of what was it all for?
More to the point what might have been achieved if all the wealth and activity devoted to the inflationary financing of existing property had gone into other fields of economic or social activity.
This sorry tale comes from The Mail and suggests that in 2007 figures at the top of the Labour Government were aware of the dire situation developing and wanted a snap election before it really hit hard.
In that year some of us, believing that the government were a lot of clodhoppers who could not understand what was happening were making our own arrangements.
But if it is true that they did understand then what exactly was going on?
More worrying is what is going on now?