Some celebs are feeling the pinch as the housing downturn worsens. Others are actually facing foreclosure and losing their homes to the subprime mortgage crisis. See Celebrities not immune to the real estate crisis.

The credit crisis is not just impacting sub-prime or low income borrowers. I think this is important stuff for regular folks to read and understand. Believe it: the excess and loss of asset bubbles is something that all walks of people can succumb to. These are human behaviour driven cycles. Neither relative wealth, nor large incomes, or education can naturally protect people from getting caught up in financial mania. Only awareness and self-discipline in our individual behaiour can offer hope.

Realizing bubbles are a naturally reoccurring event in human history is a crucial first step to protecting ourselves from getting caught up in them and future losses.