Yes, There Was a Housing Bubble, But Not Now

February 24, 2020

Yes, There Was a Housing Bubble, But Not Now

One of the worst bipartisan policy decisions in the past generation was the aggressive government push in the 1990s and 2000s to promote home ownership, beyond what the free market could handle. Policymakers encouraged Fannie Mae and Freddie Mac to gobble up lots of subprime debt, in turn boosting lending to borrowers who couldn’t handle their loans. But now a bizarre idea is making the rounds that, looking back on it, maybe there wasn’t a housing bubble at all!

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