What's infuriating about the current absurd housing bubble is that all of us will be responsible for bailing it out when everything goes pear-shaped. The mortgage market has gotten "too big to fail" and all the major players fully expect the Federal Government (read: us, the taxpayers) to bail them out, as with the S&L crisis.

It is lunacy that someone who avoids the run-up, saves diligently and does sane, if rudimentary, financial analysis will end up as much on the hook as the people over-extending themselves with interest only loans to squeeze into a 1m+ two bedroom, or, worse, flipping their way to unearned wealth.

But then, one must constantly remind oneself, life isn't fair.