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The degree to which the housing crisis is a global phenomenon is generally understated.

Instead articles focus on individual countries and lay the blame on their particular circumstances and policies, not the bigger picture.

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The economists mistaken one plus with minus in their models, and so the wealth is being vaccumed up instead of trickling down. Either way it boils down to these students not waking up early enough, not working hard enough, and picking wrong parents.

This needs much more emphasis. Essentially we have a system where those with assets have access to cheap money and use it to gain control of more assets. This is the dark side of capitalism that has nothing to do with productivity. It's entrenching a socially divisive system of rentier capitalism.

It's also partly why I enjoy reading hacker news. A lot of people committed to generating income from doing rather than owning.

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