If all I owned dropped 40%, I think I would just hang on to it, as long as my rents covered the out goings.
I don't get it.... maybe its more complex than my little brain can handle.
You'd think this guy would give it a rest.
Whats his motivation for telling everyone other than his students about his predicitions?
1. To scare the bejesus out of all and sundry, especially investors?
2. Be the poster boy for the D & G brigade?
3. he's addicted to the celebrity he has found in the media and this is helping his academic career?
Or all of the above?
Hi Blue Cards,
Is this an assumption or fact. Where would have the money come from, appearance fees, surely not his donation from his blogs. Most doomers are tight.
I think point 3 is right on the money. According to his blog, he seems to be the only economist who predicted the GFC. This is clearly wrong, as there were many others who predicted some form of crash, including the 'black swan' guy. (Sorry, can't remember his name)
Keen also predicted interest rates would be zero by 2010, and unemployment wouild be 10% to 15%. It was a great way to get himself on 60 minutes, and a lot of ink.
To paraphrase Paul Keating, Keen is a media nymphomaniac, and instead of apologising for his ridiculous predictions, or doing his walk quietly, he has created a website devoted to his walk. The website explains why he was right, even though the market - the ultimate scorecard - says his property predictions were WAY off.
*snip* any economist will tell you that a median value is possibly the worst indicator of average value.