Sad state of economic science when modern economists don't read nor really understand their own science.
It's too bad most, like 99 percent of economists don't know Keynes General Theory and don't realise what causes a housing bubble. A bubble arises when housing is financed using short term money market funds rather than long term savings. Given that definition, bubbles are built into our system and are almost inevitable. The link between incomes / savings and house prices having been broken means new housing bubbles will continue to make the average individual poor and unemployment the order of the day. Read this in Keynes General Theory.
