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May 27, 2005
Boom & Bust
Paul Krugman is worried today about what happens when the housing bubble bursts (and I think it will burst). I remember when the stock bubble was bursting and I was wondering what would be next - I didn't see the housing market then as the answer, but obviously in hindsight it was. And before the stock bubble we had the great S&L robbery bubble.
So, while Krugman is worried and I am worried I don't think that when the housing bubble bursts it will be as bad as some people think. There will be something else, a next great thing, and I am increasingly thinking that if the housing market does start to retreat it will begin another large, long bull run as people look to put their money to work somewhere.
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