15/09/03 17:12:28.16 fbYEqmce.net
>>180の続き
The starting point, as I said, was the housing bubble. I certainly wasn’t
the first to warn on that front; Dean Baker, in particular, was both much
earlier and much more forceful. Still, what I think of as my first crisis
article did, I think, add value by pointing out the huge difference in price
behavior between building-contrained states and others. If you looked at
national averages, it was just possible to argue that prices made sense,
but once you broke out the right subset of states and cities, the craziness
stared you in the face. And the bifurcation was overwhelmingly confirmed
in the years that followed: