“I’ve been running with the same fairly large group for a year now. Every time the conversation has gone to real estate, the verdict has always been that Vancouver will never go down. Now, all of a sudden, these same people are saying that the bubble is “finally” bursting, and the group members are teaching each other new terms like, “under water.” It’s amazing how fast it goes.”
– N at VCI 18 Sep 2012 at 9:13pm
In years to come, these same people will also tell themselves that (1) they ‘knew’ all along that it was a bubble and (2) they didn’t act because, who could have known it was a bubble? (backed by the related falsehood “You can’t identify a bubble while it is happening”, care of Greenspan and others.)
Yes, we know that’s a complete contradiction, and makes no sense, but, humans are like that.