[Excerpt] The history of the great housing boom and bust between 2003 and 2006 has not yet been written; this is a first attempt. It has been done here not to show that “mistakes were made” but to reconstruct the subjective horizon that drove people to act in a certain way during that time period, their justifications and rationalizations, often against a multi-media show of doubt. We hope, the collective investment community, can then honestly address the question of when we could have, would have, and should have pulled pack in the respective investment horizons.