Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: LLCF who wrote (174258)	6/21/2002 9:10:23 AM
From: yard_man	Read Replies (1) of 436258

No doubt it's a bubble ... folks who say it isn't should read what Angell wrote about the Nazdaq one year before it started to crack. The idea that the value of real-estate will do nothing but appreciate over long periods of time has become very firmly engrained. The end of this is going to be interesting. Think of all the folks who were absolutely convinced that they were doing the "right" thing by buying "all the house they could afford." So many pundits told them so. I remember a vendor who was visiting from California in 99. Talk turned to housing prices and I mentioned that I recieved a small amount of an inheritance on the death of my grandfather and that I was using the bulk of the funds to reduce mortgage debt. This vendor, a PHd working in a financial area, said, "Oh, they say you shouldn't do that." The implication being that such monies should always be invested ... in stocks and allowed to grow.

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