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The Albertans are coming! The Albertans are coming!

I keep an eye on what is going on in the US, particularly in California, where I first started noticing bubble blogs sprouting on the internet a few years ago. After a few years of watching debates rage back and forth over whether an inevitable day of reckoning would arrive for over-priced US real estate, it looks like the debate is finally over.

Nobody knows for sure where it will all end, but a lot of the hopes and dreams that seemed substantial back in 2004-2005 in California and other parts of the US have turned to so much desert dust, blown away by the realignment of economic forces, away from a bubble-tastic frothiness that was so aptly blamed on "irrational exuberance".