Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: koan who wrote (94315)	2/16/2009 6:19:55 PM
From: John McCarthy	Read Replies (1) of 116555

Hi Koan "I always thought the foundation of economics was "THE LAW of supply and demand"!" OK - but (1) Why are housing prices crashing to a 1997 level? (2) How did they get to a 2006 level? I will use this answer: There are no laws of economics. We economists (anyone after Volker) have permitted this to occur. I hope you are fine -g- and look forward to getting my butt kicked -g- regards John

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