Wednesday, December 28, 2005

NY Times RE Blog Misses the Point

Archduke Killed by Serbian Bomb Thrower
Japanese Bomb Pearl Harbour
Berlin Wall Falls


"I wonder whether the proliferation of the bubble blogs signifies something else: the concentration of conventional wisdom, which is evidence that the conventional wisdom is wrong. It is a truism in the world of journalism that the moment a phenomenon is covered in the newsweeklies (or the Today show), the trend has passed.

Is this the blogosphere counterpart proving conventional wisdom is wrong, or do we have to wait for the Time cover? These blogs, while they perform the noble service of tracking the movement of prices and other real estate data in local markets, are great outlets for schadenfreude. Take a look at the comments section in some of these to see how joyfully some people wait for their neighbor’s foreclosure.

They may be capturing popular sentiment, but taken collectively, the bubble blogs might also be a signal of no bubble at all. It could just be a sign of piling on.– DAMON DARLIN"

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