The NYT Disappears the Housing Bubble

Way back in 2008 much of the world sank into recession because housing bubbles in the United States, the UK, Ireland, Spain and elsewhere began to deflate. This ended a boom in construction and caused consumption to plunge as the housing wealth that provided its foundation vanished.

Unfortunately, memories at the NYT are apparently weak. It told readers today:

"To the roster of pain inflicted by the European debt crisis, add this: rising and persistent joblessness among young Britons."

Of...