The biggest bubble of the spring and summer isn’t in real estate — it’s in the coverage of real estate. In particular, the topic of whether real estate is a bubble is itself a bubble. The good news, according to a blog called Publitas, is that the real-estate-bubble-story bubble has burst, as <a href=
“http://www.publitas.net/2005/08/rise-and-fall-of-bubble-caption.html”>this informative chart shows. This happened just as Paul Krugman decided to write a column about how there’s a bubble. Thank the Lord for Paul Krugman, who has become Opposite Guy — the person every one of whose observations seems to be the opposite of what’s really happening. A very valuable person, Opposite Guy.