We can't get rich selling houses to each other

Phoenix, America's fastest-growing major city for most of this decade, owes its "success" to the housing bubble. People moved to Phoenix because house prices were going up there, and made money in the real estate market. They then used that money to buy houses for themselves, driving up real estate prices and luring even more people to the city.

Does that sound like a sustainable growth model?

Eventually, the house of cards collapsed. A group of people will not get rich by selling houses to each other. To get rich, we must increase the level of productive activity in our society.

As a side note, Phoenix was untouched by the Community Reinvestment Act. So all those conservatives who continue to blame black people and liberals for the housing bubble can go stick their nose in a rubber hose.