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To: Jim McMannis who wrote (14674)	11/3/2004 12:57:42 AM
From: CalculatedRisk	Read Replies (2) \| Respond to of 116555

Nonsense.

To: Jim McMannis who wrote (14674)	11/4/2004 3:28:01 PM
From: CalculatedRisk	Respond to of 116555

Jim, I wasn't fair in my initial response to your post and I apologize. I disagree that the Clinton administration "is largely responsible for the housing "bubble"". You can make an argument that they contributed to the problem. However, I think the "bubble" started in earnest in 2001 and is directly related to FED monetary policy and indirectly (but the main problem) due to the structure of Bush's fiscal policies. Clinton's 1997 $250K per person exemption definitely contributed to a more robust housing market. However, since the law requires holding a property for 5 years (and occupying the property for 2 years) along with other restrictions, I don't think this is a major contributor to the "bubble". Once again, I apologize for my terse response. I was in a foul mood (for obvious reasons) but that is not an excuse for being impolite.