I explore whether time-series methods exploiting the long-run equilibrium properties of the housing market might have detected the disequilibrium in U.S. house prices which pre-dated the Great Recession as it was building up. Based on real-time data, I show that a VAR in levels identified as in...

The elephant in the living room -- How government created the housing bubble -- The great Wall Street bailout -- How government causes the boom-bust business cycle -- Great myths about the great depression -- Money -- What now?