We are in another housing bubble and a credit bubble in general — at the household and corporate level.

Sure, things like this can run longer than seems possible, and everyone says you’re crazy when you say, “This time is not different.”

But: this time is not different. One day the music will stop and most people will be left without chairs. And I’ll make sure to have cash to buy stuff at fire sale prices.

Didn’t have to be, but (mostly) the coming disaster was a fait accompli of Obama’s policies — his legacy, if you will.