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He's wrong too. Housing was a bubble, not a Ponzi scheme. For it to be a Ponzi scheme there would a collaborator behind organizing all the lenders, appraisers, Realtors, and all the people involved in a transaction. That, I assure you, is quite impossible. I know it's semantics at this point, but there was no driving force where all these entities got together and decided to drive up prices. The bubble happened in this case by government getting involved in 98, lenders loosening lending guidelines, and more buyers coming into the market.
"Bubble" and "Ponzi Scheme" are used pretty much interchangeably in financial literature nowadays. So the meaning of "Ponzi Scheme" has shifted over the years into a more general notion. So yeah, this is just semantic banter.
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