Barry thinks that the fact that because there are declarations of the bubble everywhere, that it is must not be a bubble.
I find that somewhat ironic -- the same people who missed the largest stock bubble in human history have now become expert in spotting bubbles. And they now are spotting bubbles everywhere.
I cannot quite put my finger on precisely why the entire world declaring a housing bubble exists makes it less likely to be so at the moment.
I think, because so many people lost their shirts in the nasdaq bubble just a few years ago, it makes sense that many would be able to recognize the housing/credit bubble. I find it remarkable that so many people have been party to the current bubble. It's not like previous bubbles where there have been multiple generations between bubbles, causing the lessons of the past to be forgotten. There must be a propensity among people to assume that if the banker wants to give them a loan for 10 times their income, it must be in their best interest.
The state is that great fiction by which everyone tries to live at the expense of everyone else. - Frederic Bastiat