True, but you don’t always need everyone. How many “greater fools” do you actually need to have an asset price bubble?
Subissue 1: You can find lots of financial analyses around, some available for free, some not. Why should this one be given any more weight than others, when you can find someone else with good credentials saying the exact opposite? And accurately assessing the quality of an analysis is almost as hard as doing the analysis yourself; it’s very easy to be fooled by bullshit. Subissue 2: When you have the appearance of equal and opposite experts, many people are going to end up believing what they want to believe, and acting accordingly.
The people in a position of influence in the housing market were primarily the homebuyers. Needless to say, they didn’t want to believe that the value of their biggest asset was about to go up in smoke.
Can you flesh out your thoughts here? Surely not everyone in a position of influence has a vested interest in seeing the analysis not acted on.
True, but you don’t always need everyone. How many “greater fools” do you actually need to have an asset price bubble?
Subissue 1: You can find lots of financial analyses around, some available for free, some not. Why should this one be given any more weight than others, when you can find someone else with good credentials saying the exact opposite? And accurately assessing the quality of an analysis is almost as hard as doing the analysis yourself; it’s very easy to be fooled by bullshit.
Subissue 2: When you have the appearance of equal and opposite experts, many people are going to end up believing what they want to believe, and acting accordingly.
The people in a position of influence in the housing market were primarily the homebuyers. Needless to say, they didn’t want to believe that the value of their biggest asset was about to go up in smoke.