Wednesday, August 25, 2010

Supply and Demand Eventually Rule the Day

WSJ, 8/24/2010, The Housing Mirage

政府補助通常只能改變事情發生的時間,把壞事延後一些,但是不能扭轉乾坤。昨天在美國成屋銷售下降 27% 的壞消息出來後,雖然整體股票市場下跌,但是相關的建築公司股票反而反彈,因為這個市場的底部終於浮現了。

If a housing recovery is finally upon us, it will be no thanks to Washington's serial interventions, nor to the home builders who have cheered so vigorously for them.......

With the exception of temporary bubbles caused by reckless monetary policy, rising home prices are merely a symptom of a vibrant economy, not a cause. The true cause of economic growth and higher living standards is rising productivity, which occurs when societies wisely invest in many things, such as new technologies and new ways of doing business.


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