Wednesday, April 21, 2010

And on the seventh day, Steve Keen rested

It's Steve's day off today, in Jindabyne.

Photos: Rob Burgess, Business Spectator

Then on the summit Thursday and Friday!

UPDATE: I just phoned him. He's off to the gym (!!!)

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FIRB changes good us said...

Good work Steve, many appreciate your efforts. Pity both Labor and Liberal are not interested.

Perhaps if you spoke Chinese.

Anonymous said...

Well value investing guru Jeremy Grantham agrees with Keen. Here's what Grantham told the FT in an interview this week about asset price bubbles:

"Bubbles are important for the country because there is nothing more dangerous and damaging to an economy than a great asset bubble that breaks. And this is something the Fed never seems to get. … We looked back as far as we could, [of the 34 bubbles we found over the years], 32 have moved all the way back down to the trend line that existed prior to the bubble forming. There were no exceptions. The two that are outstanding, the UK and Australian housing bubbles, form a unique and interesting subset caused by, I believe, floating rate mortgages. The mortgages came down so fast that they protected the bubble, and now we have to see what happens when interest rates rise. But if they do not, in both cases, go back to the old trend line multiple of family income, which is what should drive house prices, it will be the first time in history that such a bubble has not broken. This is not something that I would want to bet on if I were thinking of buying a house right now."

-Jeremy Grantham, Interview with the Financial Times, 19 Apr 2010

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