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Political Bubbles by Keith T. Poole, Howard Rosenthal, Nolan McCarty

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CHAPTER 5

The Political Bubble of the Crisis of 2008

Rising home values have added more than $2.5 trillion to the assets of the American family since the start of 2001. The rate of homeownership in America now stands at a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that’s not right, and this country needs to do something about it.

—President George W. Bush, remarks at the signing of the American Dream Downpayment Act of 2003

I’m delighted to be here, along with Frank Raines, my OMB Director, who used to spend some time with some of you, and Gene Sperling and others on our staff.… Now, we are seeing a remarkable increase in the circle of opportunity. In addition ...

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