May 28, 2005
Bubble, bubble, toil and trouble
Running Out of Bubbles - New York Times
That’s why it’s so ominous to see signs that America’s housing market, like the stock market at the end of the last decade, is approaching the final, feverish stages of a speculative bubble.
Some analysts still insist that housing prices aren’t out of line. But someone will always come up with reasons why seemingly absurd asset prices make sense. Remember “Dow 36,000″? Robert Shiller, who argued against such rationalizations and correctly called the stock bubble in his book “Irrational Exuberance,” has added an ominous analysis of the housing market to the new edition, and says the housing bubble “may be the biggest bubble in U.S. history”
One of my friends has said that ‘there’s no bigger sign that there’s a bubble than the fact that Dennis is thinking of buying real estate’
Great. Just great.
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