NEWSFLASH! In September I will join The Conversation as its Business and Economy Editor. I have been honoured to work at The Age for the past ten years, originally alongside the legendry Tim Colebatch, and for the past four years as economics editor in my own right.

At The Conversation, my job will be to make the best thinking from Australia's 40 univerisites accessible to the widest possible audience. That means you. From the new year I will also write a weekly column.

On this site are most of the important things I have written for Fairfax and the ABC over the past few decades. I recommend the Search function. The site is a record for you, as well as me.

I'll continue to post great things from The Conversation and other places here, and also on Twitter and Facebook. Enjoy.

Saturday, January 03, 2009

Enjoying the ride?

Two years ago, the history of US housing prices looked like this:



As Joshua Gans noted back then, it was an inherently unsatisfying ride:

"A long climb at the end with no downward plunge. All anticipation, no relief."

We've got it now. The ride needs an update.

HT: Speculative Bubble