From reading this I'm left with the impression that the housing boom was just a housing boom, not a general long-term projects boom, as you would expect from the ABCT.
Why was housiing and just housing the epicenter of the boom and bust? Or wasn't it?
If it was just housing, couldn't we explain it (or at least conceive of a different hypothetical scenario) without interest rates even changing? Imagine that the government prints money and uses it to pay companies to build houses -- or creates a special lending program just for houses, but don't messes up with the general interest rate -, wouldn't that have basically the same effect?
If so, perhaps we should start considering a new ABCT version that just talks about new money being created and going to specific sectors, instead of the whole interest/intertemporal adjustments/hayekian triangles talk. Why is this wrong?