Tesla CEO Elon Musk has no shortage of opinions to share on Twitter, from his views on cryptocurrency to claiming that Tesla stock prices are too high.

Elon Musk on Housing Crisis: ‘They Dug Their Own Graves'
Elon Musk on Housing Crisis: ‘They Dug Their Own Graves'© Provided by Wealth of Geeks

The latter tweet wiped $14 billion off the company's value with just seven words, so to say his opinions can move markets is an understatement.

Now Musk has turned his attention to the housing bubble in response to a tweet by Dogecoin co-founder Billy Markus, who goes by the name Shibetoshi Nakamoto on Twitter.

Predatory Lending Led to the Housing Bubble Burst?

In the Tweet, Markus claimed that cryptocurrency was originally created in response to the heavy hand of central bank control following the 2008 recession that led to the rampant printing of money and bailouts.

The decentralized nature of cryptocurrency could avoid manipulation by governments because, in essence, no one was in control of it other than a pre-defined algorithm.

Markus also blamed the 2008 recession on predatory lending practices during that time that were allowing previously unqualified buyers to purchase homes with little to no money down and low initial mortgage payments that ballooned over time.

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Musk Disagrees – ‘They Dug Their Own Graves'

Musk responded to the tweet with his opinion that the fundamental error made during the 2008 recession was assuming that housing prices only go up.

He was careful to note that he doesn't support predatory lending, but he also said that many of those same lenders were severely wounded or didn't survive the housing market collapse. “They dug their own graves – a lesson we should all take to heart, including me,” h