Friday, October 22, 2010

When do you think this was written:

"...at some point in a...boom all aspects of property ownership become irrelevant except the prospect for an early rise in price. Income from the property, or enjoyment ot its use, or even its long-run worth are now academic...[they] may be non-existent or even negative. What is important is that...market values will rise...and a profit can be realised."

Sound like credit-default swaps to you?

It was written by J K Galbraith in 1954 in 'The Great Crash 1929'

But nobody saw it coming in 2007?

Wednesday, October 06, 2010


Away from home at the moment for work - testing out the internet access in my hotel room. Seems to work fine - currently waiting for an episode of Time Team to load in Channel4's youtube channel, which works fine using flash on Opera in Wine on FreeBSD. It's running now, so signing off to watch :-)