Wall Street [is] always making up preposterous explanations as to why stock prices rise and fall, such as “tension in the Middle East,” when of course there is always tension in the Middle East. When we finally have a nuclear war and there is no life left on Earth except cockroaches, the cockroaches in the Middle East will be tense.
Oh, I remember those early and mid 2000s. As far as I could tell, everybody really did believe, somehow, that home prices would rise forever, as if by magic. Late night TV had “how to get rich quick in real estate” shows, one after another. Buy a property and then sell soon(er or later). Housing prices will have had risen some amount, say 10% in a year, for a net profit of many thousands of dollars. Do the same a dozen times, and you’ve made a small fortune! It might as well’ve been manna from heaven.