Save for a minor dip in the 90's housing prices have never fallen in 22 years. 

Save for a minor dip in the 90's housing prices have never fallen in 22 years.

That's precisely the kind of thinking that makes crashes possible. When everyone believes something is a safe bet, they discount risk more and more. Market phenomena often work themselves out over decades, which is beyond most people's attention span.

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Take stocks for example. From 1980 to 2001, stocks were the right place to be. When a trend lasts that long, it changes people's attitudes. In 1980, most people were very nervous about stocks, because they had spent the previous couple decades sucking.

If you bought the Dow Jones in 1929, you had to wait until 1956 just to break even. And this isn't such a rare outlier. If you bought in 1966, you didn't break even until 1983. Once you include taxes and fees, it was more like the early 90s.

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It takes a while for attitudes to shift. Despite the bubble popping, lots of people still believe that their 401k is going to grow at 7-10% per year. That's not necessarily true anymore.

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America's economic fundamentals are troubling. We actually spend 5% more than we make. With no domestic savings to fund future growth (or even service our existing debts), we're dependent on foreign investors. And the foreign investors are getting very nervous as the dollar continues to slide.