Huh? The Economist magazine has been going on about the housing and asset bubbles continually since about 2000-2004 (and is still saying that housing is way over-priced in the UK, which it is).
'This is a black week. Those of us who have supported financial capitalism are open to the charge that the system we championed has merely enabled a few spivs to get rich. But it helped produce healthy economic growth and low inflation for a generation. It would take a very big recession indeed to wipe out those gains. Do not forget that in the debate ahead.'
