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I'm not sure I follow your argument. You're saying that lower taxes creates more wealth which drives up real estate prices which causes a bubble? In a lot of ways the whole massive growth of the US economy of the last 100+ years is due to reasonable taxes, relatively low regulation, free markets, etc. The hated president Bush only entered the picture recently. The wild unwashed masses have been getting richer and flaunting their money for generations.

When I look at the details of our economy, everything I observe tells me that it's pretty solid. If things work out ok and we don't see a Great Depression, it would be the 3rd time that's happened in my lifetime. The sky seemed to be falling in the 1970s and things turned up again. The sky seemed to be falling again in the late 1980s and again things turned out quite well. In 2002 I thought the sky was falling again, but everything I've been observing lately goes against that notion.


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