June 14, 2016
Bloomberg: How I Helped Inflate the Housing Bubble
But we turned out to be wrong about Twin Cities housing prices. As part of our move to Rochester, where I now work as a professor of economics, we recently sold that house. Including money spent on renovations over the years, our capital loss came to about 45 percent of the 2005 purchase price. Back when we bought the place, I would have said that such a loss was completely impossible.
Since it is completely impossible for an economist who lost 45% on real estate purchased at the peak of the housing bubble in 2005 to become the current president of the Minneapolis Fed, we all should have complete and utter confidence in the Fed.
What? He is the president? Stop it! Get out!
Since it is completely impossible to tune a piano, nobody will ever enjoy piano music.
What? That's completely impossible! There's no way her fingers can be moving that fast!
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