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Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The History of the US Housing Bubble
In 1998, the Howard government announced that it would abolish the indexation of capital gains and replace it with a concession to tax only 50% of capital gains in order to encourage greater investment. So once there was public awareness of the new policy in 1998, I think that was the displacement that initiated Australia's housing bubble. This the same story happened down under. Well, and you see the US home prices and adjusted for any inflation had been declining. You see from let me see, they had reached a peak in 89 and then we're declining and continued decline until 97 and that was the turnaround. That's incredible. See most of our lab bubbles that look like this, this one, the
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