Lewis' sequel, "Travels in the New Third World", is also good, and especially relevant given the current gyrations in Europe over Greece.
> A few people in the know actually saw it happening...
IMO you didn't need inside information to understand that the American real estate market was a bubble as it was operating in plain sight. Sure if you want to bet against credit default swaps, it helps if you have a hedge fund behind you, but anecdotally I knew a number of people who didn't buy into the property bubble on the way up, but saved their cash and bought a house at a reasonable price after the bubble popped.
The Australian real estate is in a similar bubble, but it's remarkable to me how few people recognize that here.
Comments
Lewis' sequel, "Travels in the New Third World", is also good, and especially relevant given the current gyrations in Europe over Greece.
> A few people in the know actually saw it happening...
IMO you didn't need inside information to understand that the American real estate market was a bubble as it was operating in plain sight. Sure if you want to bet against credit default swaps, it helps if you have a hedge fund behind you, but anecdotally I knew a number of people who didn't buy into the property bubble on the way up, but saved their cash and bought a house at a reasonable price after the bubble popped.
The Australian real estate is in a similar bubble, but it's remarkable to me how few people recognize that here.