I wish. The trick, I think, is that the monetary base has been adjusted to keep housing prices high. See, e.g., https://fred.stlouisfed.org/series/BASE https://

I wish. The trick, I think, is that the monetary base has been adjusted to keep housing prices high. See, e.g., https://fred.stlouisfed.org/series/BASE https://fred.stlouisfed.org/series/BASE Overlay the graphs to see the relationship. IMO, one of Quantitative Easing's chief purposes was to keep the artificial housing debt taken on in the run-up to 2008 in place by having the Fed pay what the original borrowers could not. That QE money is now floating around the system, keeping all kinds of asset prices high. And what can be done once can be done twice.