Matt Yglesias, striking that contrarian tone beloved of bloggers (something you’d never find here, of course!), declares that there was no housing boom. Or, more precisely, though there was a boom in house prices, there was no boom in construction. To make this point, Yglesias uses one on those ubiquitous St. Louis Fed graphs, this one of the history of housing starts since 1970. Sure enough, it sorta supports his point. But this is only a very partial view. Here’s a fuller one. First of all, the boom wasn’t just about new houses—there… Read More
…for the Brooklyn Rail – on the bubble, the bust, the state of the American ruling class, and what comes next: Ka-Pow! Bang! Crash!