Like any new Vancouverite, I responded like a deer in highlights when confronted with the housing market in the Lower Mainland. Is the current housing craze the equivalent of 17th century Tulipmania in Holland?…Some respectable Wall Street economists are starting to wonder if the current housing boom is actually a bubble about to burst.
In “Riotous Real Estate” radical urban theorist Mike Davis argues that the values that mattered in the Bush re-election last year were of the property sort, rather than moral sort. Davis believes that,
At the end of the day, American military hegemony is no longer underwritten by an equivalent global economic supremacy. The housing bubble, like the dot-com boom before it, has temporarily masked a mess of economic contradictions. As a result, the second term of George W. Bush may hold some first-class Shakespearian surprises.
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