(An aside)

BR is very unimpressed with Alex Tabarrok's piece in the NYTimes. I am too, for it is truly merde, but it's also interesting to see how blogging often, and offering a usefully contrarian view, can get one into the pages of the New York Times, content be damned. And to those who truly want to influence, the Grey Lady beats The Green Bag.

I don't think I'm being unfair when I paraphrase Tabarrok's writing thusly:
- Yes the financial system is a mess because people are worried house prices will fall
- Yes house prices are incredibly high compared to historical norms!
- But house prices could stay high because the US is a great place to live, and don't forget that mortgage tax deduction

Sheesh.