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Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The US Housing Bubble and the Great Recession
There was more than enough blame to go around you see in the housing bubble. We had already had seven straight quarters of declining expenditures on new homes but mortgage credit was continuing unabated into that industry which means it is going into leverage. And so I, both of those as we say in our book were what we call balance sheet recessions and they are far more serious than the garden variety recessions we have had in most of the World War II period. Absolutely.
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