This little essay is dated March 25th, 2010. I’m not sure the poster is the original writer or has copied it from somewhere.

The assertion that “real estate crisis is a red herring” is false. A “red herring” is a rhetorical tactic to distract the attention of a listener/reader from the substance of an issue.

However, in the US today the real estate issues are part of the fundamental problems of our economy.