I thought it was about time to revisit the words of REIC poodle Nicholas Retsinas, saying how there was no housing bubble bursting, and calling HP'ers "Cassandra's" and "Chicken Little". He wrote this article last fall, which led to HP calling for his firing, which of course didn't happen because Harvard is a corrupted institution addicted to REIC $$$$
It amazes me to this day that Harvard would put their name behind such a pathetic, biased, unprofessional and blatantly corrupted department and department head. There is a stench coming out of Boston, and it's not just the crashing housing market there. Nope, it's the stench of an REIC cheerleader attacking HP'ers, and reality, at the bequest of his REIC masters.
September 24, 2006
"HOUSING BUST AHEAD." The headline hints of catastrophe: a dot-com repeat, a bubble bursting, an economic apocalypse.
Cassandra, though, can stop wailing: the expected price corrections mark a slowing in the rate of increase -- not a precipitous decline.
This will not spark a chain reaction that will devastate home owners, builders, and communities. Contradicting another gloomy seer, Chicken Little, the sky is not falling.
Cassandra can stop wailing, and Pollyanna can stop cheering. Home prices in some regions are moderating, but for a nation inured to CNN's headline-of-the-moment, this moderation does not rate high on the Richter scale of cataclysm.
Nicolas P. Retsinas is director of the Joint Center for Housing Studies, at Harvard University.
