The Most Dangerous Asset Bubble

I think people do underestimate the severity of our recession in 2001. The housing wealth effect tends to be larger on a dollar basis, because housing is held more by middle income people. And I doubt Bill Gates's consumption matters very much if Microsoft goes up 10% or down 10%, probably has almost no impact on his consumption. So you want to look at where is the bubble actually driving the economy in a really big way? And housing is going to have the biggest impact is what I'd say.