Oh I thought you meant the GFC subprime mortgage bubble.

I'm not sure that I would think of the current housing crisis is a bubble.. It's based on undeniably real value.. It absolutely is an unethical hoarding of wealth by the wealthy, but it's not imaginary like a bubble.

Well.. Unless you consider all of capitalism a bubble (in the sense that a massively inequal society is inherently unstable in the long run). Which I kinda do.