What happened to the recent real estate price bubble -- and happens to
all bubbles of every type, from stocks to tulips -- is that a group of
people convince themselves that prices are *always* going to go up
"because this time is different" and there is only a very limited supply
of X while more and more people every day are wanting to buy X.
What inevitably happens is that the prices get driven so high that at
some point *nobody* -- not even the people who have been driving them up
-- can afford to buy them (or are willing to buy them if they can afford
them). At that point, those who purchased X last are left holding the
bag with no one to sell their bag to. Then a panic starts as bag-holders
start trying to sell their bags at any price, which only accelerates the
panic into a market crash.
Nobody can ever say precisely when the bubble will burst -- the only
thing that is certain is that at some point it will.
-- JR
Bruce Hershenson wrote:
Detective Comics #27 6.0 Sold for $575,000
*http://scoop.diamondgalleries.com/public/default.asp?t=1&m=1&c=34&s=262&ai=94157
<http://scoop.diamondgalleries.com/public/default.asp?t=1&m=1&c=34&s=262&ai=94157>
*Action Comics #1 3.0 copy Hits $300,000
*http://scoop.diamondgalleries.com/public/default.asp?t=1&m=1&c=34&s=262&ai=94158*
<http://scoop.diamondgalleries.com/public/default.asp?t=1&m=1&c=34&s=262&ai=94158>
Round and round she goes, and how high prices can go, nobody knows!
Bruce
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