Through the late 80’s, into the 90’s, and further into the ought’s I watched as real estate just kept appreciating. I was not an owner, just a curious observer.
I kept asking myself; how is this possible? The whole economic situation seemed not real, a construct with no substance. Then I witnessed friends, whose wages (mine included) did not substantially increase, use credit to keep up with rising inflation. Homes became ATM’s which is all history now.
My point is, I saw this and questioned it and was always rebuffed as wrong and not savvy about the true financial nature of the economy. So, I spent decades with the uneasy feeling that something was wrong, but having no outside support for my feelings.
Sadly, I came to realize common sense was grossly missing from the majority, who bought the whole construct: And I saw the result and felt vindicated, but it brought little solace.
I’ll not lay claim to any expertise in economics, but good economic policy does seem a matter of common sense. Those who claim otherwise are Sophists and hypocrites, IMO.
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