I see no reason to soften our critique about the housing bubble now, just because we've been proved right. It's just really starting, and I see no reason to help the people who put us in this position, the developers, the real estate, the mortgage, the builders. The people who need to hear about the possible dangers and downsides are the buyers, regular people. If there are any people right now contemplating a ARM, or buying an overpriced house, and so on.

There is going to be plenty of BS over the next year, hoping the trap the unwary, the naive, the foolish. It's still important to try to point out the dangers. I predict we are going to get a PR push on the part of the real estate people that will boggle the mind.

We still have to go through the second stage of grief, anger, and I predict that's coming, and we'll hear a lot of anger toward the critics.

I'm probably more pissed off now hearing this stuff than I was a year ago, because a year ago alot of these real estate people really believed in their own line of BS. They really believed that housing prices would keep going up, that ARM's were a good idea, that Californians would just keep moving up here, and so on.....But anyone trying to spout that now is either cynical or a fool, and it is no time to let them get away with it without challenge.