Greenspan Long-Lost Thesis Was About Housing

No wonder they hid it:

An anticipation of a bursting housing bubble. Greenspan even wrote: "There is no perpetual motion machine which generates an ever-rising path for the prices of homes."

...

In the introduction to Greenspan's thesis, he noted that homeowners were refinancing for larger amounts than their original mortgage, in essence monetizing increases in their home's market value and spending the excess cash on goods and services. This broke new ground in 1977, as the economic models at the time were not tracking this source of income.

...

The thesis shows the future Fed boss was focused on housing early in his career. Barron's notes this casts doubt on his assertions about being surprised by the impact of this decade's housing mania.

Once again the evidence strongly suggests Greenspan was knowing and malicious, further clouding his legacy (other examples would be his "irrational exuberance" calls in the mid-90s, or his notorious 1960s essay "Gold and Economic Freedom).