Well, actually, we usually date the financial crisis as showing
it's first fault signs in 2007 but I would date it back to 2005.
And it seemed that I could see something in the air in 2005.
Not in the air, in the media, that public attitudes were changing.
So The Economist magazine, which is British, similar things were happening
in Britain, wrote a cover story in June 16,
2005 which showed house prices falling like a brick.
And nowhere were they actually falling.
This was The Economist getting out ahead of it to be congratulated for
writing this story, because they in a sense predicted the crisis.
And this is a line from that story, perhaps the best evidence that America's
house prices have reached dangerous levels is the fact that house-buying mania
has been plastered on the front of virtually every American newspaper and
magazine over the past month.
They noticed, they read all the newspapers, and
they noticed suddenly everyone's talking about crazed homebuyers.
Suddenly, it began to look embarrassing.
It used to be, it's obvious, you can get this huge
advantage by buying a house because home price is always go up.
But now, there's all these stories saying I'm stupid you have brought the house,
that suddenly clarifies people thinking.
It wasn't just The Economist.
Here's Time magazine.
This was three days apart.
They came out with their cover story, Home Sweet Home,
Why We're Going Gaga Over Real Estate.
Will your house make you rich?
Super hot markets, is it time to buy or sell?
The case for renting, wow!
This was a major magazine practically telling you
right on the cover that it's crazy.
And then I have one more slide.
I was interviewed by Barron's Magazine.
I think this was a cover story, I'm not sure that I remember right.