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6min chapter
Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The Connection Between Credit and Housing Bubbles
Vernon: I think credit transfers power over prices to optimists. In a housing bubble you have people speculating on houses on the resale value buying property portfolios of 3, 4, 5, 6 or more investment properties. So essentially as you'll see through my example hopefully I'll step through it clearly enough it allows the same group of a small group of marginal buyers to buy more assets.
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