Editor's note: The Center for Economic and Policy Research in Washington, D.C., held an essay contest to find out whether anyone could challenge the center's housing bubble theory. The winner was Hilary Croke, a Federal Reserve Board employee, whose four-page essay argued against a collapse in house prices. This story is a response to Croke's essay. Is all this bubble babble just gibber jabber? Does it go beyond a Dr. Seuss story or Chicken Little saying, "The sky is falling, the sky is falling?" Those who dismiss the bubble argument as a modern day fairy tale with limited risks to the American dream have grown carelessly unrealistic in their assessment of what is strikingly evident. So, what is strikingly evident? What is strikingly evident is that millions of Americans are hooked on the most ferocious of the reality-avoiding addictions, the credit habit. This insatiable dependence has resulted in the largest accumulation of debt in the history of our country. This debt is the di...
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