Apr 18, 2009
Hummel and Henderson in FORBES
In our ongoing effort to set the record straight on Greenspan and the housing boom, David Henderson and I now have an article in Forbes.
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Reginald Jensen - 5/11/2009
Jeff,
My opinion is that the housing bubble was caused by a change in the tax laws. Real estate prices began to grow exponentially when tax-free profits were allowed on gains of $250,000 for individual owners and $500,000 for joint owners. The real estate industry lobbied Congress for the change which created a terrific marking plan that was advanced by the bankers and stock brokers.