When President Bill Clinton signed into law The Taxpayer Relief Act of 1997, and liberalism turned your home into just another commodity:
The act exempted from taxation the profits on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles. This is for residences that were lived in for at least 2 years over the last 5 ... .
Real estate churning was off to the races, in concert with a deregulated financial industry, almost as if someone had flipped on a switch:
(source: Ritholtz/Steve Barry, The Big Picture, here)
