Why The Predictable Crash Of 2008 Was Not A Market Failure
Posted in Events by k2 on December 9th, 2008
When: 7pm, Thursday Dec 11th
Where: Prosper Australia, Frank Halkyard Library, Level 1/ 27 Hardware Lane, Melbourne
Why: Because the US style bailout is heading our way
Who: Fred Foldvary is the Senior Editor of the highly regarded Progress Report.
Fred Foldvary (USA) will provide an explanation of the real estate and business cycles, and their fiscal and monetary causes and remedies. Especially for daring minds, he will explain how to stop the current recession.
With auction clearance rates in Melbourne again in the mid 50s over the weekend (55% this week, re-iterating the trend of the last 2 months), there is a growing backlog of properties waiting to be sold. What is not widely publicised is that there are 30% less properties on the market than this time last year. This implies that beyond the low clearance rate and the mounting number of properties passed in, there is in all likelihood a growing number that are being withheld from the market until prices re-bound.
This is akin to late 2006/ early 2007 in the US housing market when there was a stand off between sellers demanding certain prices and buyers who were unwilling to enter the market. Six months later the Mexican stand-off was over and a cascade of properties hit the market, pushing down prices and triggering the sub-prime crisis.
Fred is one of our brightest minds. We hope you can attend this important lecture.
RSVP appreciated, gold coin donations to cover nibbles, drinks