Twelve years into the 21st century, the dominant financial and economic fact is that we are still living in the wake of athe Housing Finance After the Bubble

Download PDF vast housing and mortgage bubble, which peaked in mid-2006, almost six years ago.  Then came the peak in commercial real estate, making a real estate double bubble, and then the European sovereign debt bubble, all together making a great 21st century compound bubble-a financial adventure of truly memorable proportions and pain. (Whether it actually will be remembered by the future investors, bankers, credit union managers and politicians of coming generations is highly doubtful.)