2While a few well-known economists like Krugman (2005) and Shiller (2005) argued that much of the measured asset valuation reflected a housing bubble, a review of the public record concludes ‘the pessimistic case was a distinctly minority view, especially among professional economists.’ See, for example, Himmelberg, Mayer, and Sinai (2005) for a ‘no bubble’ view published in the leading “popular” journal of the American Economic Association.