The Elastic Housing Supply Bubble

You did some really interesting research which exploited elastic versus inelastic cities to try and resolve that causality. From 2000 to 2007 when house prices are going up a lot in San Francisco and New York and Miami, they're not going up at all in Kansas,. So the idea is let's focus on an area like Kansas where we know people can't just have irrational expectations about house prices. And it seems like if credit supplies expanding credit in Topeka, Kansas, then it's probably also expanding credit in San Francisco.