"It profits me but little that a vigilant authority always protects the tranquillity of my pleasures and constantly averts all dangers from my path, without my care or concern, if this same authority is the absolute master of my liberty and my life."

--Alexis de Tocqueville, Democracy in America

Tuesday, April 19, 2011

OK, Now I Am Depressed

Here's a graph from the Yale economist, Robert Schiller, showing home prices adjusted for inflation since 1890.   The projection at the end suggests that the housing bubble we have been in still has a way to fall before it gets back to historical norms.   Great!   For those of you who took out a bunch of home equity... bon appetit!    You're underwater!

Luckily, I'm healthy enough to work until I'm, oh, eighty or so.  

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