California Housing And The Bubble At Hand

David Stockman reports:

On the theory that perhaps at some point a picture can overcome the dense dogma of our benighted Keynesian money printers in the Eccles Building, the two illustrations below from the Dr. Housing Bubble Blog are offered. Arcardia and San Marino, California are most definitely not unique national treasures where cracker-box houses should be valued at $1-$1.5 million. No, they are just at the leading edge of the renewed speculative mania that has been touched off by the Fed’s latest and greatest monetary inflation.

Dr. Yellen, of course, claims there are no financial bubbles to worry about because the Keynesian bathtub of potential GDP has not yet been filled to the brim. Perhaps she would like to put in a bid for one of these.

Check out the pictures by clicking on the link.