Buy now or never, Part Deux.

The destructive financial decisions people all around us now make are not reached in isolation. When folks buy assets at their most expensive and take on debt which will only grow harder to pay, they do so because they believe the risk is offset by a bigger reward. Usually, that’s greed.

It`s what got folks buying worthless dot.coms. It created a frenzy to get into Bre-X. Greed propelled Nortel to $130 a share. It led reasonable people into the arms of Bernie Madoff and Earl Jones (above).

And along the way, greed always has friends. One of them is the media.

The real estate pumpers understand that. It’s why Royal LePage and Re/Max issue reports on cottages, first-time buyers and luxury homes. They know each one is good for free, uncritical ink from an uncaring, lazy media. Real estate ‘news’ ain’t news anymore – it’s lifestyle infotainment, usually run word-for-word from corporate news releases. Trust me. I know.

Sadly, though, the printed and broadcast message is then used by the uninformed to justify their actions. Real estate sales numbers are subsequently reported as evidence of the market’s health. It’s a vicious circle of manipulation and consequence.

Fresh evidence came Wednesday with the release of a Coldwell Banker puff piece comparing Canadian real estate prices with those in the swishiest US markets and international destinations. Of course, there is no comparison between say Rome ($1.2 million US for a middle-class house) and Vancouver ($1.174 million US), except that people in BC are on drugs, while Romans live in a city of 2.8 million people that was once the capital of the world and cradled most of our civilization and art. Other than that, it’s a great tool to use if you just bought a shack in North Van.

Nonetheless, as the realtor’s release-cum-story asserted: “While Canadian home prices have been on the rise again following a brief market downturn, today’s historically low interest rates have kept the dream of homeownership within reach for most of today’s homebuyers,” says John Geha, president of Coldwell Banker Canada Operations ULC. “It is particularly interesting to compare the affordability levels now seen across North America and other global centers. Compared to many major markets throughout the world, Canadian real estate looks like a bargain.”

Yeah, right. The average income in this country is $70,500. The average house now costs 4.6 times the average income. In Toronto, where average income is $72,800, it’s 5.4 times. In Vancouver, where the average income is $68,900, it’s 10.6 times.

The US real estate bubble imploded when house prices hit five times income.

Coldwell Banker should be ashamed for making invalid comparisons and reaching dumb, sweeping, irresponsible conclusions. But the company doesn’t care. It got ink, which was the point. The media which reported this – from the CBC to the Globe and Mail – are probably more culpable for carrying the piece without comment or context.

The biggest losers, of course, are the ones who will swallow this stuff.

But it’s too late. Here’s another one.

Enola Gay is in the air.

For Garth's political blog, go here.