By Edward E. Leamer. August 7, 2007. In "Housing, Housing Finance, and Monetary Policy. A Symposium Sponsored by the Federal reserve Bank of Kansas City. Jackson Hole, Wyoming. August 30 - September 1, 2007.
"Only twice have we had this kind of housing collapse without a recession, in 1951 and in 1967, and both times the Department of Defense came to the rescue, because of the Korean War and the Vietnam war. We don't want that kind of rescue this time, do we? "