Raising the red flag
<p><span word="Reader">Reader</span> <span word="question">question</span>:</p><p><span word="Please">Please</span> <span word="explain">explain</span> <span word="this">this</span> <span word="sentence">sentence</span>: “<span word="Nobody">Nobody</span> <span word="raised">raised</span> <span word="any">any</span> <span word="red">red</span> <span word="flags">flags</span> <span word="about">about</span> <span word="a">a</span> <span word="housing">housing</span> <span word="bubble">bubble</span> <span word="until">until</span> 2001.” <span word="Red">Red</span> <span word="flags">flags</span>?</p><p><span word="My">My</span> <span word="comments">comments</span>:</p><p><span word="What">What</span> <span word="red">red</span> <span word="flags">flags</span>, <span word="you">you</span> <span word="wonder">wonder</span>?</p><p><span word="Here">Here</span>, <span word="raising">raising</span> <span word="red">red</span> <span word="flags">flags</span> <span word="is">is</span> <span word="a">a</span> <span word="metaphor">metaphor</span>. <span word="In">In</span> <span word="other">other</span> <span word="words">words</span>, <span word="nobody">nobody</span> <span word="raised">raised</span> <span word="any">any</span> <span word="real">real</span> <span word="red">red</span> <span word="flags">flags</span> (<span word="such">such</span> <span word="as">as</span> <span word="the">the</span> <span word="red">red</span> <span word="flag">flag</span> <span word="of">of</span> <span word="China">China</span>). <span word="All">All</span> <span word="they">they</span> <span word="did">did</span> <span word="was">was</span> <span word="giving">giving</span> <span word="a">a</span> <span word="warning">warning</span> <span word="signal">signal</span>.</p><p><span word="They">They</span> <span word="didn">didn</span>’<span word="t">t</span> <span word="do">do</span> <span word="that">that</span> <span word="of">of</span> <span word="course">course</span>.</p><p><span word="Sorry">Sorry</span>, <span word="this">this</span> <span word="is">is</span> <span word="getting">getting</span> <span word="a">a</span> <span word="little">little</span> <span word="confusing">confusing</span>. <span word="Let">Let</span>’<span word="s">s</span> <span word="do">do</span> <span word="it">it</span> <span word="again">again</span>. “<span word="Nobody">Nobody</span> <span word="raised">raised</span> <span word="any">any</span> <span word="red">red</span> <span word="flags">flags</span> <span word="about">about</span> <span word="a">a</span> <span word="housing">housing</span> <span word="bubble">bubble</span> <span word="until">until</span> 2001” <span word="means">means</span> <span word="this">this</span>:</p><p><span word="A">A</span> <span word="housing">housing</span> <span word="bubble">bubble</span> <span word="was">was</span> <span word="brewing">brewing</span> <span word="but">but</span> <span word="nobody">nobody</span> <span word="saw">saw</span> <span word="it">it</span> <span word="as">as</span> <span word="a">a</span> <span word="great">great</span> <span word="threat">threat</span> <span word="coming">coming</span>. <span word="Either">Either</span> <span word="they">they</span> <span word="didn">didn</span>’<span word="t">t</span> <span word="see">see</span> <span word="it">it</span> <span word="at">at</span> <span word="all">all</span> <span word="or">or</span> <span word="they">they</span> <span word="didn">didn</span>’<span word="t">t</span> <span word="see">see</span> <span word="it">it</span> <span word="as">as</span> <span word="a">a</span> <span word="bubble">bubble</span> <span word="that">that</span> <span word="may">may</span> <span word="burst">burst</span> <span word="in">in</span> <span word="their">their</span> <span word="face">face</span> <span word="any">any</span> <span word="time">time</span> <span word="soon">soon</span>. <span word="Therefore">Therefore</span> <span word="nobody">nobody</span> <span word="gave">gave</span> <span word="any">any</span> <span word="warnings">warnings</span> <span word="about">about</span> <span word="it">it</span> <span word="until">until</span> 2001 – <span word="when">when</span> <span word="it">it</span> <span word="was">was</span> <span word="too">too</span> <span word="late">late</span>.</p><p><span word="The">The</span> <span word="housing">housing</span> <span word="bubble">bubble</span> (<span word="in">in</span> <span word="America">America</span>) <span word="worked">worked</span> <span word="like">like</span> <span word="this">this</span>: <span word="Banks">Banks</span> <span word="kept">kept</span> <span word="giving">giving</span> <span word="mortgage">mortgage</span> <span word="loans">loans</span> <span word="to">to</span> <span word="anyone">anyone</span> <span word="who">who</span> <span word="wanted">wanted</span> <span word="it">it</span> <span word="whether">whether</span> <span word="they">they</span> <span word="could">could</span> <span word="afford">afford</span> <span word="it">it</span> <span word="or">or</span> <span word="not">not</span>. <span word="Banks">Banks</span> <span word="kept">kept</span> <span word="doing">doing</span> <span word="this">this</span> <span word="because">because</span> <span word="one">one</span>, <span word="people">people</span> <span word="really">really</span> <span word="wanted">wanted</span> <span word="a">a</span> <span word="home">home</span> <span word="of">of</span> <span word="their">their</span> <span word="own">own</span>, <span word="which">which</span> <span word="is">is</span> <span word="understandable">understandable</span>; <span word="two">two</span>, <span word="there">there</span> <span word="was">was</span>, <span word="well">well</span>, <span word="is">is</span> <span word="a">a</span> <span word="commission">commission</span> <span word="to">to</span> <span word="be">be</span> <span word="made">made</span> <span word="whenever">whenever</span> <span word="a">a</span> <span word="deal">deal</span> <span word="is">is</span> <span word="cut">cut</span>.</p><p><span word="Which">Which</span> <span word="is">is</span> <span word="understandable">understandable</span> <span word="also">also</span>, <span word="of">of</span> <span word="course">course</span>, <span word="to">to</span> <span word="some">some</span> <span word="extent">extent</span>. <span word="Well">Well</span>, <span word="not">not</span> <span word="getting">getting</span> <span word="into">into</span> <span word="the">the</span> <span word="rights">rights</span> <span word="and">and</span> <span word="wrongs">wrongs</span> <span word="of">of</span> <span word="it">it</span> <span word="on">on</span> <span word="the">the</span> <span word="part">part</span> <span word="of">of</span> <span word="the">the</span> <span word="banks">banks</span>, <span word="the">the</span> <span word="long">long</span> <span word="and">and</span> <span word="short">short</span> <span word="of">of</span> <span word="it">it</span> <span word="is">is</span>, <span word="people">people</span> <span word="who">who</span> <span word="could">could</span> <span word="not">not</span> <span word="really">really</span> <span word="afford">afford</span> <span word="it">it</span> <span word="began">began</span> <span word="to">to</span> <span word="own">own</span> <span word="homes">homes</span> <span word="via">via</span> <span word="mortgage">mortgage</span>, <span word="or">or</span> <span word="sub">sub</span>-<span word="mortgage">mortgage</span>. <span word="Because">Because</span> <span word="the">the</span> <span word="mortgage">mortgage</span> <span word="or">or</span> <span word="sub">sub</span>-<span word="mortgage">mortgage</span> <span word="loans">loans</span> <span word="became">became</span> <span word="readily">readily</span> <span word="available">available</span>, <span word="everybody">everybody</span> <span word="got">got</span> <span word="on">on</span> <span word="the">the</span> <span word="bandwagon">bandwagon</span> <span word="and">and</span> <span word="wanted">wanted</span> <span word="to">to</span> <span word="buy">buy</span> <span word="a">a</span> <span word="house">house</span> <span word="for">for</span> <span word="themselves">themselves</span>. <span word="That">That</span> <span word="created">created</span> <span word="a">a</span> <span word="greater">greater</span> <span word="demand">demand</span> <span word="for">for</span> <span word="houses">houses</span>, <span word="which">which</span> <span word="in">in</span> <span word="turn">turn</span> <span word="inflated">inflated</span> <span word="housing">housing</span> <span word="prices">prices</span>.</p>
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