There is No Bubble

Dean Foust

While most commentators these days insist there is a housing bubble, there's at least one economist, Jude Wanniski, who is willing to take the other side of the argument. For those of you who haven't been introduced before to Wanniski, he's a conservative economist who was back in the 1980s an editorial page writer for The Wall Street Journal, and he was one of the original proponents of supply side economics (remember Arthur Laffer and the Laffer Curve? Wanniski was present at the revolution... But I'm dating myself) Wanniski argues that the housing boom simply reflects the fact that Americans are getting wealthier.

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