Wednesday Links
Cypress Hills Buys Out Canarsie Cemetery [NY Times] Did Low Interest Rates Cause Housing Bust [NY Times] B’klyn Teacher Fakes Fall Down Stairs [NY Post] Injury Forces Aretha Franklin to Cancel Brooklyn Show [NY Daily News] City Fined $10 Million Over Newtown Creek [NY Daily News] Soapbox Derby Coming to Park Slope [Brooklyn Paper] Brooklyn…
Cypress Hills Buys Out Canarsie Cemetery [NY Times]
Did Low Interest Rates Cause Housing Bust [NY Times]
B’klyn Teacher Fakes Fall Down Stairs [NY Post]
Injury Forces Aretha Franklin to Cancel Brooklyn Show [NY Daily News]
City Fined $10 Million Over Newtown Creek [NY Daily News]
Soapbox Derby Coming to Park Slope [Brooklyn Paper]
Brooklyn Fare Market Expand to Next Door Space [Brooklyn Eagle]
Brooklyn Artists Join Public Mural Project [NY1]
Deputy Mayor Owns Forest City Stock [AYR]
Home Builder Outlook Weak [TRD]
Photo by Denton Taylor from the Brownstoner Flickr Pool
quote:
Ben & Jerry’s “Fossil Fuel is my favorite… it’s hard to find, but when you do… Watch out! There’s dinosaurs in there!
omg tybur, that actually IS the best one! i didnt know it was hard to find anymore… yeah the chocolate dinosaurs were awesome. tho ben and jerry’s very expensive too. f*ck that 5 dollars for a pint? oh well at least it’s not 8 dollars a scoop. okay i finally read that article and it’s turning me bulemic. i cant stand people who turn something SIMPLE like making ice cream and being all pretentious about it and pretending like it’s brain surgery. newsflash you stupid retarded art school drop out, it’s NOT brain surgery, you just want people to think it is and you have a gazillion lemmings believing you.
“artisinal” = fool
*rob*
Rob — You’re wrong… the article gives examples of how the whole country is following the lead of NYC and Beverley Hills! NYC won’t be expensive soon… everywhere will be overpriced! It’s gonna be sweet.
im not going to read the ice cream article because whatever they are saying is probably true. life these days is truly vile and NYC is a microcosm of that and has become the mecca for every annoying idiot in the country to migrate to. the statue of liberty should slit her wrists and call it a day. give us your tired, your hungry, your poor? unfortunately that isnt what we get anymore. we get the worst of the worst. barf.
*rob*
Yup, if the economy doesn’t grow and there isn’t investment in plant & equipment, the money will go into real estate and the stock market.
As we can already see, it’s POURING into Treasuries!!!! Same with Japan and the JGB market right now and China and their bond market.
Yes DIBS. It’s the inflation vs deflation argument. Another asset price bubble is quite possible if the govt grows money supply without stimulating the economy.
That said, I think that interest rates may be more important in the run up in house prices than they conclude. I think he writers of that NYT article made an unnecessary adjustment:
“our most important alteration to the standard model [of a formula based on rents and interest rates ] is to allow interest rates to change and follow a standard random process. The movement of interest rates means that people who buy when interest rates are low will probably be selling when interest rates are higher. This simple shift causes the implied relationship between interest rates and prices to drop by more than a half.”
But people between 1996-2006 were both buying and selling at low interest rates, so I don’t see why they would ‘correct’ the data in this way.
I think he’s agreeing with you, etson, based on his additional comments.
Given where rates are now, we should be seeing the return of a bubble if all it is determined by is rates.
Ben & Jerry’s “Fossil Fuel is my favorite… it’s hard to find, but when you do… Watch out! There’s dinosaurs in there!
“Did low interest rates cause the housing bust? Give me a break.”
Read the article – the title is altered above and gives a misleading impression. The discussion is of the rise in house prices as well as their fall.
The article covers the 1996-2006 boom and argues that interest rates alone were not enough to cause the move up in those years. They explain about 25% of the rise and none of the fall, as they stayed low as prices fell.