[Porsche-O-Phile]

The most staggering thing to me about the whole situation is how completely EVERYONE bought into the delusion of endless "far-greater-than-the-rate-of-inflation" appreciation. Backed by nothing, certainly not backed by historical evidence which clearly shows housing appreciation over the last 100-or-so years tracking inflation almost exactly. Everyone from all walks of life - from the unsophisticated/uneducated to highly educated/trained finance guys bought into this delusional crapola. I knew it smelled like B.S. years ago and the whole thing has been like watching a train wreck in slow motion. And we're only at the beginning. This is just round #1. Wait until all the adjustable ARMs start hitting at the end of this year and beginning of '09. You think we're in a recession now? Just wait. And no, I'm not wishing for one - just being a realist.

That video is 100% bang-on.