Krugman also never mentioned that this “excess spending†help contribute to the collapse of the Cold War and at that time, the debt ratio as a percentage of GDP was still below most western European countries.

Anybody have experiences from the last market collapse?

Well about 10 years ago we had a housing collapse in which prices crashed substantially.  

The recent collapse was epic and historic, something that happens less than even once a generation.

They paint once in a while, the bathroom and kitchen subfloors aren't collapsing and the plumbing works in these guys' houses.  

I'm from the Bay Area and had moved to OC in 2005 and both places were in denial well into the collapse (as detailed in the Big Short).

The back of the building that was a garage that extended out on the lower level, collapsed and killed someone. 

If the deal collapses and I would lose everything, I'm out.

This chart sums up my entire thought's on any fear of any Real Estate collapse now, next year, next 5 years, next decade...... 

The economy will always correct itself, but historic drops and collapses have come and gone.