Here he shows, correctly that the housing crash did not spur the recession. Unemployment was just fine for a while. Then he shows an equivalent graph with monetary policy for comparison. Not good enough, many thing were correlated with the crash, simply proving housing was not one of them proves little about the others. Further, the Fed will certainly, within six months, will correlate anyway (which is my unproven theory taken, I think from Mark Thoma)
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