It is obvious to anyone with a functioning brain that speculative bubbles always burst. The problem is the steady stream of horseshit being fed by those that benefit most from the mania, in this case the banks, financial media, property agents, developers, politicians, everyone with skin in the game to keep the party going as long as possible. During the height of the property bubble in the US, the “this time its different” mantra was just as loud as it was in 1999 before the tech crash of 2000. That’s a very intense barrage of biased opinion that dwarfs any number of smart Leaving Cert students. Most people were actually convinced that property values could never go down again, including those that should have known better. Greed is a terrible vice.