I don't know were I come down this.
OTOH it is about time the over inflated real estate market and its tricky financial spin-off `products' take a solid slam followed by a brutal crush. For close to thirty years this part of the market has priced housing just out of reach of most middle income families---with the specific intent of chaining them to debits that will never end and keep them in perpetual fear.
The whole basis of keeping a middle class, something like a middle class has been premised on a series of interlocking systems, collectively called neoliberalism, where extended debit is used as the floating foundation of this illusory life style that seems to resemble my father's post-WWII life, but in fact is nothing like it. The lower taxes, the cheaper consumer goods from elsewhere, the bizarre mortagages, condos, the privatization of public services under the rubric of making them more efficient etc, the giant credit limits on credit cards, the export of manufacturing and skilled labor which was the foundation of post-war economy, all work together to creat th the illusion of middle class security, that is in fact a nightmare in a dungeon for life--far less secure than my father's generation..
I am sure such a collapse will not be allowed to happen, no matter what the cost. I cheer the collapse because it might lead to a spread in awareness. Although I think the Iraq war has disabused me of the idea that just because something is easily foreseen as a catastrophy when collapse comes---that evidently changes nobody's mind.
I don't cheer a collapse because you can bet it will be the bottom and middle who pay for the bail out in a climate of even more intense bondage to an even more degraded standard of living.
CG
Still, as I imagine myself sitting in the rubble, warming myself on my open fire under a fallen wall, in the future shock city of eternal rain, I would be nice to take pot shots at the straggling lines of neoliberals making their way out of the ruins...