Those who had been riding the upward wave decide now is the time to get out. Those who thought the increase would be forever find their illusion destroyed abruptly, and they, also, respond to the newly revealed reality by selling or trying to sell. And thus the rule, supported by the experience of centuries: the speculative episode always ends not with a whimper but with a bang.A soft landing will NOT happen in the bubble markets. There will be a bang. A hard landing scenario is inevitable in many metropolitan areas across the country.
Sunday, April 23, 2006
No Soft Landing
As famous economist John Kenneth Galbraith writes in his book "A Short History of Financial Euphoria":
Posted by David at 3:42 AM