Balloon or Bubble? No matter, it's all hot air.
Today the Boston Globe reported a priceless gem of a quote from David Lereah, chief economist for the National Association of Realtors, who was speaking at the New England Realtors Conference in downtown Boston:
New England "will have negative sales like the rest of the country" in 2006, "but prices will still go up," Lereah said. "There's no bubble bursting," he said. "You can put air in the bubble, and it inflates and now the air is going out of the balloon -- it is not bursting."
I've read this quote a dozen times, and I'm still stunned by its ridiculousness. Does it matter if the balloon is mylar or latex? Filled with air, or helium? Perhaps it is filled with hydrogen like the Hindenburg - we know how well that worked out.
Perhaps the funniest part of the Globe story was the lead in:
Two of the nation's top economists said today...
My condolences to economists everywhere.
1 comment:
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