It created a bubble economy dominated by property, he adds, one less able to weather the current storm than more diversified economies like those of Singapore or Taiwan.
In a 20-year period, Cape ostrich feathers tripled in value, and at their peak their price per pound was almost equal that of diamonds--in hindsight, a sure sign of a bubble economy.
It was because of conflict between the ministry's financial and fiscal responsibilities (which led to the asset-inflated bubble economy a decade ago and the subsequent banking mess) that administrative reform became popular in the first place.
You believed that instead of huge inequalities and an economy that's built on a bubble, we could restore a sense of fairness to our economy and build a new foundation for lasting growth and prosperity.
Yet how can The Economist endorse Mr Greenspan's right-hand man, when we have long criticised the chairman for failing to curb the stockmarket bubble in the late 1990s, and later for propping up the economy by inflating a housing bubble?
We can't go back to a bubble-and-burst economy based on reckless speculation and spending beyond our means, where a relative few do spectacularly well while the middle class loses ground.
We had a bubble-and-bust economy, again, another chapter that they'll talk about, where we thought somehow job growth could be predicated on the availability to get an American Express card or a housing loan.
Obviously, at the end of that eight years, we know that there was a .com bubble that hurt our economy.
Since 2010, the Chinese government has tried to deflate what had become a housing bubble without battering the Chinese economy.
In other words, Mr Mishkin suggests the Fed should cut interest rates before a deflating housing bubble affects the real economy, even though it resisted acting before an inflating bubble created dangerous economic distortions.
Until late in 2011, the focus of policymakers in China was on tamping down inflation, stocked by a surge of stimulus spending in 2008-2009 that led to a real estate bubble and an overheated economy.
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Ireland's banking sector has been badly hit by the international financial turmoil, the collapse of a domestic property bubble and a deep recession in the former "Celtic Tiger" economy.
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The President believes that we've got to do that and begin to add jobs based on a new foundation that doesn't depend on the bubble-and-bust economy that we've relied on for a long, long time.
And while the Chinese housing bubble is a lot different than the U.S. housing bubble that nearly destroyed the economy, investors are worried that housing boom or bust is impacting everything from China banks, concrete makers and home builders.
Japan obliged, despite signs that its economy was overheating and a financial bubble was developing.
Japanese remember foie gras as a high-priced luxury of the bubble-economy years.
Critics point to a proliferation of ghost towns as evidence that China's real-estate market is a bubble that's bound to burst in a way that will badly damage the Chinese economy.
Contrary to popular belief, the economy of the late 1990s was not a bubble.
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Britain's deficit proved to be unsustainable, causing the economy to suffer a hard landing once the bubble burst.
The closest the U.S. economy has come to a full-on bubble since the end of the recession has been in bonds, which soared last year as investors poured money into fixed income for lack of better options while the Fed allowed itself to be conscripted into the Treasury financing business through quantitative easing.
Some investors and commentators have suggested that a mix of over spending on behalf of the government, and a housing bubble would eventually pull the rug out from the Chinese economy.
Legacy airlines will then cry that they should be part of the package, too, as could the steel industry if profits plummet because of a weak economy or if the Fed finally pops the commodities bubble.
Every 5 years or so there is a bubble bursting or amazing deals available because of a change in the economy.
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After Japan's bubble economy burst and the domestic ski market went into a tailspin, Asics fell into the red for eight years from 1992.
Take for instance my view on China's economy and whether or not there is a real estate bubble there that could undermine the global recovery.
Ironically, given the complaints about the bubble economy, the most common body upgrade is liposuction, a surgical procedure in which fat is suctioned from beneath the skin with a vacuum machine.
On the other hand, due to the high oil prices and the bursting of real estate bubble, the USA economy is recently giving strong signals of a forthcoming stagflation: a recession with increasing inflation rate.
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Although members of the Federal Open Market Committee profess to be unconcerned about a stockmarket fall the last few have left not the merest dent in economic growth they are now trying to talk down a (they claim non-existent) stockmarket bubble without ruining the underlying economy in America or elsewhere.
The reverse is also true: a sharp drop in the dollar could itself burst the stockmarket bubble, pushing the economy into recession.
But the Hong Kong government sees the tax as a necessary policy to protect the city's economy from an inflating property bubble -- fueled not just by foreign investment but also by low interest rates linked to protracted quantitative easing by the U.S. Federal Reserve and limited supply of new housing on the market.
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