The Importance of Reference Class in the US Housing Bubble

I wasn't relying on secret data sets. I mean, this was government data. We now have the case-chiller index. But we had government data on house prices that went back. Well, you had a totally consistent set that goes back to the mid 70s. It would seem that which reference class you choose is a crucial matter as well. You mentioned earlier in the conversation being on panels with economists before the US housing bubble collapsed. And people saying, well, we've never had a collapse of that magnitude before. There never been a run up in prices that dramatic either.