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> The US government will never let its housing market fail,... Maybe I'm totally missing your point, but didn't exactly this happen in 2008?

• brobinson 5y ago
  The US government came out and said that it would guarantee Freddie's/Fannie's debt which caused a sharp downtick as the government effectively admitted there was a possibility they could go to zero. Short (on the scale we're looking at) downturns, even if large in % terms, aren't a failure of a market. So, to answer your question, no.