A lot of people like to promulgate the “Peak Oil” myth to justify current oil prices.
I am certain that we reached “Peak Real Estate” more than a few years back, and do recall a lot people saying real estate was not a bubble.
My doctorate is not in economics, but I do have a couple of degrees in that field and the argument that futures speculation was driving the recent price increases was never coherent to me. I have not heard anything on the side of those who want to claim that it is speculators ginning this which amounts to much more than wishful thinking and hand waving. Granted this is the standard for politicians and they are in desperate need of a scapegoat - but that still doesn’t make the case.
You’re right, even as it was cratering on the way down, they continued to push real estate as “something they ain’t making any more of”.
Before that, they claimed that companies weren’t influencing the electric market in California.
During the housing bubble of 2002-2005, new spec homes were being thrown up by the millions.
Where's the new oil being pumped to meet the so-called bubble demand of 2008?. There isn't any. And you can't blame Harry Reid or Al Gore for the fact that there are no existing oilfields outside the US which show significant volume increases over the last couple of years.
We'll never see the good side of $80/bbl again.