After The Bubble

by Patrick Appel

Wilkinson :

If you ask me, the ultimate culprit in the financial crisiswas the American cult of homeownership. There are many ways to helppoorer Americans accumulate wealth, such as channeling payroll taxesinto personal retirement accounts. But we don't do that.Instead, because we consider it a humiliating indignity not to have aroom or ten of our own, we subsidise home-buying six ways to Sunday andtell banks they won't have to suffer the downside of loans...