Michael Lewis finds many silver linings. Wise and funny piece.
Many silver linings
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where orders emerge
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Remember, just two years ago you were claiming that all the expensive houses that are now sitting empty were really a sign that all the economic data was biased and Americans were really a lot wealthier than the data implied. You used the jump in landownership to argue that we were in a new era of permanent prosperity.
Spencer,
I was wrong, at least partially. I did talk about home ownership being at an all time high as a sign of prosperity. It looks like some of that ownership increase was due to increased subsidies.
The rate of home ownership is going to fall. We'll see how far it goes.