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6min chapter
Housing Bubble Week Epilogue: Not All Bubbles Are Created Equal - Vernon Smith
The Joe Walker Podcast
The Risks of Housing Bubbles to Financial Stability
A burgeoning body of empirical research has elucidated the risks posed by housing bubbles to financial and macroeconomic stability. In a balance sheet recession, those whose financial assets mostly consist of housing also have the highest marginal propensity to consume out of housing wealth. The economic equivalent of this is the upside down universe in which consumers go from being profit maximizers to debt minimizers.
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