Robert Shiller identified a housing bubble and was mocked by media and suburbanites globally. In 2004, Greenyspan said a housing bubble or a “a national severe price distortion was most unlikely.” Bernanke claimed in 2005 that house prices “largely reflect strong economic fundamentals.”
The suburbanites didn't ask why. Exactly the same today.
Robert Shiller identified a housing bubble and was mocked by media and suburbanites globally. In 2004, Greenyspan said a housing bubble or a “a national severe price distortion was most unlikely.” Bernanke claimed in 2005 that house prices “largely reflect strong economic fundamentals.”
The suburbanites didn't ask why. Exactly the same today.
Ken Henry identified a property bubble in Australia in 2004.
'N Steve Wotwozhisname(?) chimed in sayin' tha same in 2008.
The suburbanites didn't ask why ... 'N it's still exactly tha same today - LOL.
(Well truth be told, not exactly - Sorta a bit different exactly tha same mayhaps ... )
A Professional Demographer to an amateur demographer:"negative natural increase will never outweigh the positive net migration"
Ken Henry identified a property bubble in Australia in 2004.
'N Steve Wotwozhisname(?) chimed in sayin' tha same in 2008.
The suburbanites didn't ask why ... 'N it's still exactly tha same today - LOL.
(Well truth be told, not exactly - Sorta a bit different exactly tha same mayhaps ... )
Yes Jethro. As Shiller is aware, the suburbanites' behavior is primarily dominated by system 2 thinking and they rely on the utterings of their role models and leaders.
"How many men ever went to a barbecue and would let one man take off the table what's intended for nine-tenths of the people to eat? The only way you'll ever be able to feed the balance of the people is to make that man come back and bring back some of that grub that he ain't got no business with!"
- Louisiana Senator Huey P. Long, 1934
WHAT WOULD EDDIE DO? MAAAATE! Share a cot with Milton?
"How many men ever went to a barbecue and would let one man take off the table what's intended for nine-tenths of the people to eat? The only way you'll ever be able to feed the balance of the people is to make that man come back and bring back some of that grub that he ain't got no business with!"
- Louisiana Senator Huey P. Long, 1934
I think the following better describes the environment of the BBQ set.
“The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. ...We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of. This is a logical result of the way in which our democratic society is organized. Vast numbers of human beings must cooperate in this manner if they are to live together as a smoothly functioning society. ...In almost every act of our daily lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons...who understand the mental processes and social patterns of the masses. It is they who pull the wires which control the public mind.”
― Edward L. Bernays
If you don't know who Bernays is, best you look him up.
I think the following better describes the environment of the BBQ set.
“The conscious and intelligent manipulation of the organized habits and opinions of the masses is an important element in democratic society. Those who manipulate this unseen mechanism of society constitute an invisible government which is the true ruling power of our country. ...We are governed, our minds are molded, our tastes formed, our ideas suggested, largely by men we have never heard of. This is a logical result of the way in which our democratic society is organized. Vast numbers of human beings must cooperate in this manner if they are to live together as a smoothly functioning society. ...In almost every act of our daily lives, whether in the sphere of politics or business, in our social conduct or our ethical thinking, we are dominated by the relatively small number of persons...who understand the mental processes and social patterns of the masses. It is they who pull the wires which control the public mind.”
― Edward L. Bernays
If you don't know who Bernays is, best you look him up.
It's disturbing that in Australia, this'd men are Rupert Murdoch, Alan Jones, Ray Hadley etc.
stinkbug
7 Dec 2016, 08:38 AM
If all the economists were laid end to end, they’d never reach a conclusion. ~George Bernard Shaw
The only economists that matter when a bubble pops
As a rule, panics do not destroy capital; they merely reveal the extent to which it has been destroyed by its betrayal into hopelessly unproductive works. - John Mills
Speak when you are angry and you will make the best speech you will ever regret. Ambrose Bierce
Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.
Forum Rules:
The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.
Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.
Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.
This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.
Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ
Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy