By Alex J. Pollock Saturday, September 12, 2009

Filed under: Economic Policy, Government & Politics

Many are accustomed to thinking in terms of a “housing bubble.” But this is only part of the story. In fact, the first decade of the 21st century brought us a real estate double bubble—one in housing, and one in commercial real estate. They both involved property prices increasing by an obviously unsustainable 90 percent over six or seven years, and they both involved notable expansion of real estate risk on the balance sheets of the highly...