Monday, May 17, 2010
If property prices hadn’t gotten out of hand there would be no financial crisis
Financial crisis caused by house and commercial property price spiral from 2000 - 2007 and the unsupported liquidity this released. "To simply chalk it up as a Black Swan event is an intellectual copout that concedes an unacceptable level of helplessness in the face of less than mysterious forces. Labeling the largest financial crisis in history as a Black Swan event also provides a degree of absolution to those responsible, who were either blinded by ideology or straightforward greed"