Buffett’s response spoke to the essential truth of both the boom—which was fueled by speculation in the housing market—and the bust: It’s a little bit like Cinderella at the ball. People may have some feeling that at midnight it’s going to turn to pumpkin and mice, but it’s so darn much fun, you know, when the wine is flowing and the guys get better looking all the time and the music sounds better and you think you’ll leave at five of twelve and all of a sudden you look up and you see there are no clocks on the wall and—bingo, you know? It does turn to pumpkins and mice. It’s hard to blame the
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