Did you guys see that the Housing bust is the cover story for this weeks Economist. Great editorial and article. Not really any new information for those of us who have been following the housing situation but it is great to see it getting headline coverage from such an important international magazine.
Why did it take this “important national magazine” so long to see (or publish) the obvious?
Prediction:
Lots of front pages with cute or scary housing bust graphics, coming soon to a newsstand near you.
Here is how it works: Someone brave has to go first, then the journalists at the other ragamags has something to point to when arguing with their overly risk-averse and conservative editors. The sheep will follow. It always works the same way,
and there are some notable examples the last 6 years.
The Economist probably wrote the best Housing Bubble article of any publication in June of 2005. It was titled “In Come The Waves” Here is the intro
The global housing boom
Jun 16th 2005
From The Economist print edition
NEVER before have real house prices risen so fast, for so long, in so many countries. Property markets have been frothing from America, Britain and Australia to France, Spain and China. Rising property prices helped to prop up the world economy after the stockmarket bubble burst in 2000.…
I used to have the link but you have to be a subscriber now. Many if not most of their predictions are coming true.
LA_Renter, good point, but the real impact is not until it gets top billing on the front page with a catchy graphic. That is when middle-America notices, and the rest of the MSM has a talking point that the editor simply cannot dismiss.
The Economist is one of the few legitimate news magazines out there. This article was direct, hard hitting and to the point. I am still waiting to see if any of the pseudo US news magazines (Time, Newsweek, etc) will actually write a serious, honest analysis of housing crash. So far, I see a lot of headlines from the mainstream media and then when you actually read into the article it is very weak and filled with unobjective opinions from real estate shrills.
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