That's not a question.

The root of this economic crisis, or crash, is the real estate bubble that began in the early 2000's. The other markets - stocks, bonds, paper - all followed. The former Federal Reserve Chairman called it "irrational exhuberance," and he was more than correct.

Real estate prices zoomed way out of line. People bought and sold houses and condos in quick succession - called "flipping" - and made fortunes in quick order. The average price of homes outstripped peoples' ability to afford them. Stock prices compared to estimated future earnings went way out of whack.

The plain fact is that all investments should never far outpace the inflation rate. During the period of these overboard increases, inflation remained about 2 percent per year. Real estate prices were going up that much a week in some places.

When the real estate market ran out of breath, it wasn't long before the foreclosures began. Then the securities that had been based on those mortgages plunged in value. That resulted in the banking/credit crisis.

The kind of economic disaster we have experienced feeds upon itself. It only gets worse.

Margin calls and desperate short-covering are what has been driving down the stocks. That continues because people are getting frightened and are pulling their money out of mutual funds and stocks. So the funds keep having to sell off securities in order to meet the cash requirements to cover the withdrawals.

It all began with the real estate spikes that went above the inflation rate. It won't bottom until the real estate market bottoms and the average prices get back to what people can afford to buy.