The housing market bubble is about to burst as badly as the Internet bubble.

It’s fascinating to read these comments from 2004, about a year-and-a-half before the housing bubble did in fact burst. Mostly to avoid legal prosecution, a successful propaganda operation was launched post hoc claiming that no one could have know there was a bubble, etc., so now the fact that tons of people (including me) knew in advance has been memory-holed.

About half the people in the comments are claiming that a housing bubble does not exist or that it was impossible to even have a bubble while the other half are claiming — correctly — that the market was a bubble ready to pop.

The level of denial in some is interesting:

And a refusal to believe that bubbles can even exist (common in clownish econ types too):