[A]t the end of the capital-gains rainbow was the right to take up to $500,000 of profit, tax free.Maybe somebody should get a timeline together of the various legislative and regulatory failures that fueled all this. Wikia returns nothing for "regulatory legislative failure timeline housing bubble," which is a shame, but this is a credible starting point.
Thank you President Bill Clinton for your 1997 action, applauded by the banks, the realtors and all citizens in search of half-millionaire status from an investment they could understand and self deceptively believe to be low risk; thank you for fueling the mother of all housing bubbles.
Arkadyevitchizing America since 2006
By the time you panic, it is way too late -- Lee Raymond, New York Times, July 6, 2008
Every gun that is made, every warship launched, every rocket fired, signifies a theft from those who are hungry and not fed; from those who are cold and not clothed. This world-in-arms is not spending money alone; it is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. Dwight D Eisenhower, 11/16/53
Monday, January 07, 2008
Vernon Smith explains why 1997
So, the question "why 1997" as far as kicking off the housing bubble, is a pretty fundamental one. And Vernon Smith, "a professor of law and economics at George Mason University [and] the 2002 Nobel Laureate in economics," believes he has the answer.
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