However, it was massive government support for the housing industry through the mortgage deduction, rules such as the Community Reinvestment Act, and a multitude of subsidy programs that created the property bubble which burst so disastrously in 2008.

FORBES: Raise Taxes To Clinton-Era Levels? How About Spend At Clinton-Era Levels?

For his next act, he correctly predicted the housing bubble.

FORBES: SHILLER: Predicting Stock Markets Is Like Predicting An Argument With Your Spouse

First, the 1995 act, with other attempts to curb shareholder suits, fed the surge in business fraud during the bubble.

ECONOMIST: Face value

Living inside their Beltway Bubble, they are convinced that the 2002 business regulatory act Sarbanes-Oxley is a success story, requiring only tweaking around the edges.

FORBES: Beltway Bureaucrats Bad For Business