Of Two Minds

We’re prone to addiction, and addiction is highly profitable. They know it, and we know it.

These are difficult realities without Hollywood cliche answers.

Just the experiment of setting aside ideological certainties for a moment would be instructive.

The choice is simple: housing is either shelter for citizens, or it’s just another interchangeable speculative asset in the global financialization casino. It can’t be both.

Bottom line: with the loss of predictability, we’ve also lost any sense of future financial security.

Markets misbehave, sometimes when we least expect it. How badly they misbehave depends on the soundness of the hull and the level of self-reinforcing hubris.