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Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The History of Housing Bubbles
Housing bubbles are really a creature of the post-war era. Financial liberalisation began in the 1960s allowing an expansion of mortgage credit to more marginal buyers. And when that turns they then become sellers that's the reason why these things can crash so very rapidly. So I do think that when we deregulated all kinds of financial markets the thought was that that can only improve their performance. But I think that has been an important part of the exacerbation you see of this problem of bubbles.
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