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The Pros and Cons of Leveraged Housing Bubbles
The most damaging type of bubble is surely a leveraged housing bubble. The 2000 was very mild. I mean, it was belly or recession. It's not like what happened prior to the Great Recession. People in the 50th and 40th percentile of the income distribution are borrowing versus people in the 95th percentile. So this is what's at stake.