The cause of the 1929 & 2008 crashes was over speculation in land because the gains were tax free. Debt after debt was poured into land. Land is unique being one of the factors of production of economics. It was treated likes it was a washing machine.
If the gains from land were not tax free people would not borrow to pour debt after debt into land.
Transcript, "based" on Fred Harrison with
Updated 03-12-2012 at 06:42 AM by JohnLVT