11 January 2006
Croziervision Quote of the Day #2

I have rarely met a more obvious sign of a real estate bubble than when my [Shanghai] taxi driver explained that he owns four flats to speculate on increasing prices.

Johann Norberg before the Shanghai property crash.

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  1. a famous story goes that Joseph Kennedy (father of John F) sold all his stock holdings just before the crash in 1929 after receiving a stock tip from a shoeshine boy, and seeing this as an obvious sign of a bubble.

    Posted by Michael Jennings on 12 January 2006 at 05:51pm

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