Home bubble house prices in Toronto, Vancouver, Victoria, and surrounds are Canada's Tulipomania. (See McKay: Extraordinary Popular Delusions and the Madness of Crowds.) This is fueled by what economists like to call "quantitative easing" or "adding liquidity" on a scale never seen before. Never. Unprecedented liquidity has failed to jumpstart the economy, and inequality between the well-off and main stream is growing apace. What little growth there is extracted by the top 1%. Yet, the geniuses at the top 1%--our political leaders, so-called "leading economists," big bank executives, and central bankers keep doing more of the same. What the 'more-of-the-same-that-hasn't-worked' mentality tells us is they simply do not have a clue how to stop the pending housing market crash. They don't have a clue how to spur a growth that will go to main street instead of Bay and Wall Streets. 

We must begin, now, to question the very economic system that produces these failures.