Nope, Robert Samuelson Is Wrong Again, the Housing Bubble Did Cause the Recession

Robert Samuelson actually has a lot of sensible things to say about bubbles in his column today, until we get near the end:

"it was not simply the bursting of the housing bubble that created the Great Recession. Consider the contrast between the 1990s’ tech-stock bubble and the housing bubble. Both inflicted multitrillion-dollar losses. Yet the first caused only a mild recession while the second plunged the economy into a deep and stubborn slump. Why?

"The difference is this: The housing bubb...