And even when the Wall Street types were able to short housing, it ended up becoming a key part of why the bubble kept inflating. Apparently these guys have never heard of Magnetar.

But one chart belies all the academic mumbo-jumbo the Fed can muster. This from today’s FT:

If you couldn’t see a bubble there, you’re probably not going to see one anywhere.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at