Tag: housing bubble
It’s Housing, Stupid! Parallels Between the 1920s and the 2000s

In response to my recent essay “Obama and Hoover: Two ‘Smart’ (Stupid) Presidents”, one commenter did me the service of rehashing the old myths about the 1920s and the causes of the depression and how Herbert Hoover did little, FDR did a lot and Hoover has nothing in common with “Wonder Boy” Obama. (Coolidge...
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Affordable Housing

Five years ago, as the housing bubble was ramping up, affordable housing was a big issue. Today, as housing prices have fallen after the bubble burst, I may be one of the few people who thinks housing prices are still too high. [Also see the recent book, Housing America: Building Out of a Crisis.]...
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Politics, Markets, and The Housing Boom and Bust

I recently read the revised edition of Thomas Sowell’s excellent The Housing Boom and Bust. One of the most striking things about the role of housing in the financial crisis is the resonance of the “villains, victims, and valiant government” narrative that goes as follows: greedy bankers exploited everyone while the regulators were asleep...
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The Middle Class Welfare State

In the 1980s, left-liberals talked about homelessness as a plague and human rights issue. It has been over a decade since I’ve even heard about homeless people as a political issue. Now the victim class is the middle class. The Democrats and Republicans both talk about shoring up the middle class with targeted tax...
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Government Responds to Economic Woes by Making More Bad Mortgage Loans

Since the summer of 2008, the U.S. Treasury and the Fed have initiated a welter of new spending, lending, and subsidizing programs ostensibly aimed at stemming the recession that began early in that year and deepened quickly in its last quarter and in the first quarter of 2009. Among the most notable of these...
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