The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: GraceZ who wrote (88683)	9/10/2007 3:52:18 PM
From: Elroy Jetson	Read Replies (1) of 306849

I'm gratified to learn that you have now repudiated your years long defense of Monetarism and Milton Friedman's bankrupt theories. If I had told you a couple of years ago you would have come to this point you would have never believed it! So change is possible for you - that's good. However I am disturbed to learn that you no longer believe in the concept of supply and demand setting price. When the Fed creates large amounts of new money, greatly increasing the supply, by definition this makes the price of money too low - at least if you believe in supply and demand. Incredulously you now claim there is no way to know that this price for money is too low, since the increased supply of money does not set the price of money - in a complete repudiation of the law of supply and demand. This is even more startling than many of your earlier bizarre claims, such as the existence of "non-recourse states" where home loans don't need to be repaid. Your new refusal to believe in supply and demand indicates you still believe in the bankrupt theories of Monetarist economics - in spite of your protests to the contrary. A cat really doesn't change her stripes, does she. .

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