Old economic models do not work to explain either the Housing Crisis or the Great Recession. We need a new economic model that explains today. And that we can use to predict the future. See Robert J. Shiller, "Economic View / Why Smart Money Can't Stop a Housing Bubble" p.6, col. 1 (New York Times Nat'l ed., "SundayBusiness" Section, July 26, 2015), posted online on July 24, 2015 under the title, "The Housing Market Still Isn't Rational."
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