The major flaw in this argument, besides the one that doesn’t care if I lose my job, (which I guess is fair, as I don’t care of the author loses his) is that a major crash in real estate trickles down through the entire economy and affects everyone.
Kinda like watching your worst enemy drive off a cliff — in your Mercedes.
Yes it will, but sadly nothing will stop it now. Maybe if 2 years ago the lending standards would have been gradually tightened we could hav e avoided this train wrek, but no the questions are how bad will it be and for how long? And I guarantee you that if teh government tries any form of banker bail out the howls will be deafening.