At a business conference in Sydney, Australia, Steve Forbes suggested that President Bush sell the US oil reserves and warned that the price of oil represents a speculative bubble. According to Radio Australia: FORBES: One way to bring the price of oil down would be to stop buying for strategic petroleum reserve, which has over 700 million barrels
When Paul Krugman isn’t writing nonsensical columns praising welfare statist intervention in Canada or France , he can sometimes write interesting columns. His latest one on the housing bubble was quite good. Although he doesn’t acknowledge that Fed policy is responsible for it this time (which would mean a implicit endorsement of the very
Bloomberg reports on the annual central banker symposium taking place at Jackson Hole, Wyoming. At last year’s event, Greenspan defended his long-held view that central bankers cannot identify asset bubbles until after they have burst. This is based on a sort of “efficient markets theory” in which the prices of financial assets are an outcome of
Tyler Cowen wonders whether we are in a housing bubble . Housing can be lived in, most buyers have only one home, transaction costs are relatively high, and rarely are homes sold and resold in a matter of days. All those features militate against a housing bubble. Japan and Hong Kong have in common with the US that people live in their homes.
Real Estate. Some interesting anecdotes in this article . In Naples, Florida, some houses have been bought twice in a single day. “It just seems like everyone is doing it,” Laurie Romano, a 26-year-old self-described real-estate investor, said with a giggle as she explained why she was attending an open house this month for the Nexus, a 56-unit
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