Can I just point one more thing out in re Manhattan real estate prices and Wall Street bonuses?

Now, this is just a suspicion, it's not data-driven. But, I would suspect that not only did the financiers use their massive bonuses to drive up local housing prices through the down payment, but that they also looked back on the last five years of theft from the American people to justify high -- i.e., more than they could afford on their monthly paycheck -- mortgage payments.

They're not stupid people. They got fixed rate, fixed payment mortgages. They weren't expecting to flip. There's no change in rate or balloon payment going to strike them down. But, still? I expect a lot of foreclosures on luxury properties, if not by February of 2008 then by February of 2009.

I'd best start saving for a down payment. I wonder what I'll be able to get for 20 % down on a $500,000 pad two years from now? The mind reels.

Oh, right. I'd best start saving in another currency. And probably not an Anglophone one.