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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: pater tenebrarum who wrote (69434)10/17/1999 10:29:00 PM
From: Ken98  Read Replies (1) of 86076
 
Heinz, the Dallas paper today had an interview with your buddy McTeer. Of particular note was this exchange:

<<Q: A recent issue of The Economist characterized the U.S. economy as suffering from "asset inflation" and being in a bubble. What do you think of that?

A: Their view is that we're in a bubble. They may be right or wrong. I don't know. To say that they are right means that you know more than all the people who are buying stocks. More than the market. I don't think that's my business. What I can tell you is that historical studies show that there have been few stock market bubbles, alone, that have been harmful. They appear to be dangerous only when they are coupled with real estate.>>

dallasnews.com

The unmitigated arrogance (or incompetence) to say that "I don't think that's my business" whether or not we are in a bubble or not is stunning. Realman has special plans for this guy.

And the statement that bubbles are only dangerous when "they are coupled with real estate" is just plain stupid. I assume he is talking about when coupled with a credit bubble? He is looking in the wrong place. The credit bubble this time is manifested in the consumer sector rather than the commercial real estate sector. Does he think that the bubble can be pricked without harm (like 87) because there is not a coincident real estate bubble?

Someone needs to give this guy a copy of that book Devil Take the Hindmost for a brief history of bubbles. Which, of course, assumes he can read. Being a student of the "new school", however, that is by no means a certainty.
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