Housing: Why was Kudlow so wrong?

`` So, unless Kudlow is arguing for a significant further reduction in housing size, he shouldn't have been comparing starts in recent years to starts in the '70s and '80s. And finally, Kudlow should have been looking at the rampant speculation in 2005, both with flippers and homebuyers using excessive leverage. That is what defines a bubble, and that is what I focused on in April 2005: Housing: Speculation is the Key.''