"Householders made more money than the bankers every year of the bubble" - Spengler.

The American public are rip-off artists, getting greedy banks and Wall Street to take blame while they carry off the spoils of the housing bubble.  How can this be when so many people are underwater on their mortgage?  Government policy enticed Americans to make money they never earned.   Spengler lays it out:

1.  During the bubble, banks made 30% a year on their capital while homeowners made 100 and 200% on their home equity.

2.  In the crash, banks stocks fell to less than half but the house owners have hung onto 70% of their speculative gain.

The left side is billions of US$ Real Estate assets. The KBW index is the market value of bank stocks.