Americans Unwilling to Face Reality

It's not as though no one saw it coming. Here's the economist Michael Hudson, writing in the May 2006 issue of Harper's Magazine: "The reality is that, although home ownership may be a wise choice for many people, this particular real-estate bubble has been carefully engineered to lure home buyers into circumstances detrimental to their own best interests. . . . The bubble will burst, and when it does, the people who thought they would be living the easy life of a landlord will soon find that what they really signed up for was the hard servitude of debt serfdom."