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Article: Scripps Howard News Service; Watching the [Derived headline]
- Article from:
- Burlington County Times
- Article date:
- March 15, 2008
- Author:
CopyrightCopyright 2008 Burlington County Times. Provided by ProQuest LLC. (Hide copyright information)
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By Star Parker
Scripps Howard News Service
Watching the housing/mortgage/financial crisis unfold, I keep thinking about the joke about the difference between neurotics and psychotics. The former builds castles in the sky and the latter moves into them.
Until the bubble burst, a lot of folks were living in these castles in the air, made possible by bountiful and creative mortgage financing.
Now, we're being reminded that there is indeed something called reality from which many became detached.
Peter Thiel, president of the global hedge fund Clarium Capital Management and co-founder of PayPal, writing about market bubbles in the latest Policy Review journal of the Hoover Institution, says ...