I love these asset bubbles!

I consider the timing of, first the stock market bubble, and then the US housing bubble and the alleged other asset bubbles (commodities, oil, you name it) that are going on right now to be a tremendous blessing for me and my generation.

Imagine being bitten by these a decade or more from now, when, in the middle of our lives and careers, we see a chunk of our lives' savings evaporate into thin air.

By being exposed to these surprises relatively early in our adult lives, I think we have a great opportunity to learn the right lessons and become wise. So by the next time when there is a Robotics bubble or a Near Earth Orbit Real Estate bubble, we'll play that market like the veterans we will be. I can't wait!

But wait a minute: did a gullible green-horn say this back in 2005: "A DESTABILIZING contraction in nationwide house prices does not seem the most probable outcome...nominal house prices in the aggregate have rarely fallen and certainly not by very much." It was none other than the maestro octogenarian Alan Greenspan.

Mm, so much for age and wisdom.