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Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The Importance of the Construction Bust
Vernon: What's the relative importance of the construction bust versus the balance sheet destruction? Well, I think the balance sheet is because that affects your consumption of almost everything. So it's fortunately, these are rare. We've had two in a little over 80 years. And if they were more often, I'm not sure we could survive it. Vernon: Sure, it looks good now, but that can turn around fast.
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