Steve Keen - The Loser

http://www.bloomberg.com/apps/news?pid=20601081&sid=aJua.fRYs1KQ

http://www.businessspectator.com.au...inally-concedes-pd20091103-XETBW?OpenDocument


"Well folks, it’s over. After predicting 40 per cent falls in Australian house prices – he was off by an order of magnitude as prices slipped just 3.8 per cent – and a domestic depression with unemployment rising to 15 per cent plus, the infamous Steve Keen of the University of Western Sydney has finally conceded defeat to his staunch adversary, Rory Robertson of Macquarie Bank (he should have done so months ago on the much more timely RP Data-Rismark numbers)........"


Now expect a barrage of doom and gloomers talking about the detailed semantics of why their pin-up boy Keen got it so wrong (or not) , together with every bar graph and pie chart under the sun dating back to 1650s hammering their point... :D But really, he could not have been more wrong about the house values...

Harris
 
The Fat Lady aint singing yet. Govts borrowed to fund turn around. What might happen if govts cannot borrow to spend in 18 months time?

I am only throwing this out there.
 
So I wonder if all those trash talk TV programmes will run just as much footage of Steve Keen walking to Canberra in April or whether that might just be too much of a personal indictment of their poorly researched scaremongery. Maybe we should suggest a few of those co-conspirators should share the punishment...

Cheers,
Michael
 
"Well folks, it’s over. After predicting 40 per cent falls in Australian house prices – he was off by an order of magnitude as prices slipped just 3.8 per cent ....
He gets points for having the guts to admit he was wrong - that's too hard for many people.

I'm sure he'd enjoy company on his long walk.... might be an opportunity to learn something.
 
I'm happy about him having the balls to concede but gloating doesn't make you look cool, it just makes you look like an a55hole. I remember doing this in primary school with my tongue sticking out saying 'nyah, nyah, nyah' :D
 
So I wonder if all those trash talk TV programmes will run just as much footage of Steve Keen walking to Canberra in April or whether that might just be too much of a personal indictment of their poorly researched scaremongery. Maybe we should suggest a few of those co-conspirators should share the punishment...

Cheers,
Michael

What a splendid suggestion for D&G camaraderie and bonding! Stand up and be counted in the fun walk for some fresh mountain air! :p
 
Hi all,

Steve Keen on the radio this morning admitted he was wrong and said that he should never have made such a silly bet. He also lamented to a degree about being a renter :rolleyes:

He never expected the govt to hand out money to stop/prevent a total meltdown. (he had to be kidding!!)

How on earth can someone who teaches about the real world (economics), not expect elected politicians to step in and help the people who voted them in?? Maybe economics is not about the real world after all.

However he did say that housing here is in a bubble, the RBA will stop it etc etc...

bye
 
I sat through a talk by Jennie Brown who had much the same view of house prices dropping 40%. When she asked the room not one person agreed with her. (but it was a room full of Perth property investors)
 
I hadn't noticed Keen's mea culpa...probably lost it amongst all those RE pundits on radio and TV apologising to Sydneysiders about that whole "property doubles every seven years" mistake.
 
I'd like to gloat about how nice and quiet it is here without the D&G brigade...finally they have been silenced...for now.....they'll be back.

Some say they are worth listening to for that 'other' POV...well...I don't agree with them on most points and I don't really take any of their 'advice' as it is totally against all I have learned and know to be true.....:D
 
I'd like to gloat about how nice and quiet it is here without the D&G brigade...finally they have been silenced...for now.....they'll be back.

Some say they are worth listening to for that 'other' POV...well...I don't agree with them on most points and I don't really take any of their 'advice' as it is totally against all I have learned and know to be true.....:D

I agree. I'm happy to listen to other POV, too, but when it becomes an ego thing and they just HAVE to be "right", then I tune out.
Can't remember who said it, but someone once said "Do you want to be right or do you want to be rich".
Letting go of the notion of being right all the time is highly empowering.
 
Steve Keen made a bet with someone (may have ben Robertson) that if he was wrong about house prices falling 40%+ he would walk up Mt Kossie naked. Not that I really want to see it, but I want to see it.
Just to cack myself at him.

Project 1080

The project: 10 IPs in 80 mths.
 
I agree. I'm happy to listen to other POV, too, but when it becomes an ego thing and they just HAVE to be "right", then I tune out.
Can't remember who said it, but someone once said "Do you want to be right or do you want to be rich".
Letting go of the notion of being right all the time is highly empowering.

Same here, Rob.

I have no problem with a D&Ger who'se got runs on the board though. There are few here, and I respect their views, because they have been around for a good while and have seen most of what might happen in any given cycle. They don't froth at the mouth and cry the world might end; they are calm, rational and might say "oh, yes; we are going to have a slow down".

The ones I love to argue all day long with are the renting, armchair, academic property experts with a chart and a future prediction, without having looked at the last 100 years (or even longer) of property patterns to go by.
 
Dont worry im sure the " other crowd" are busy with picks and shovels quickly trying to move the goal posts again. Next year boys, Next year the crash begins:rolleyes:
 
you can't tell me the upper end of the market hasn't been smacked down due to the gfc =). I can definately speak for $1M+ properties on the GC.
 
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