There are, of course, some notable differences: House speculation, poorly understood credit derivatives, crazy leverage, bad accounting rules and lax SEC enforcement created today's woes; in the 1970s it was oil shocks, inflation, tax-bracket creep and a growing welfare state.
It's as if the whole British economy is based on housing speculation in the capital.
The boom had been built on sand: housing speculation, overvalued stocks, reckless deregulation, irresponsible deficits.
In April they imposed new curbs on housing speculation, raising down-payment requirements and mortgage rates.
By the end of the 20th century, housing speculation became at least a pastime for many Americans.
The afflicted countries saw housing speculation, asset bubbles and cheap loans followed by a credit crunch and the seizing up of the financial system.
Some see his failure to anticipate the nature and severity of the financial crisis -- and his role in helping Mr. Greenspan keep interest rates at a level that might have fed housing speculation -- as unforgivable lapses.
Nick Paumgarten's article on Spain's economic woes provides predictable explanations: wild housing speculation, the weakened euro, the colossal failures of public-works projects, the collusion of banks with power-hungry politicians ("The Hangover," February 25th).
Steven Grundman M.A. and George Lund Fellow The Atlantic Council Washington, D.C. Nick Paumgarten's article on Spain's economic woes provides predictable explanations: wild housing speculation, the weakened euro, the colossal failures of public-works projects, the collusion of banks with power-hungry politicians ("The Hangover," February 25th).
China's state-run news media also said over the weekend that the central government was planning to introduce a unified national property registration system by the end of 2014, which could eventually make it possible to impose an annual property tax on households — yet another way the authorities expect to fight housing speculation and fend off bubbles.
Real estate isn't attractive; the government has been moving to cut off housing speculation for several years now.
