Money flowed elsewhere in search of higher returns. The stock market soared — and soared again and again. Other money, and lots of it, went into real estate, shifting housing from a consumption market for shelter to an asset supposed to appreciate in value. With money almost free to borrow, both those seeking shelter and speculators borrowed extravagantly to buy homes, presuming that perpetually rising prices would mean that defaults were not possible. Hence the NINJA loan — no income, no job, no assets. It didn’t matter. Prices would rise and rise again. The housing bubble enabled all sorts of foolish behaviour. Greenspan chose not to prick it.