From: Mauricio Canedo Fernandez
Sent: Monday, September 21, 2020 12:39 AM
Subject: Feedback on High School Paper on Housing Bubbles and Business Cycles
Hello Mr. Block,
During June I made a document for a debate (which sadly didn’t take place) in my grade 12 economics class, which I think has some interesting insights and is a good summary of the Austrian Business Cycle Theory. I know it could seem arrogant for me to ask you for feedback, but I would love it if you could set aside some minutes of your time to give me constructive criticism on the document.
Regards,
Mauricio Canedo
PD: I love your Mises U lectures on YouTube, especially “The Case for privatization – of everything”
Dear Mauricio:
Where shall you be going to college? Wait, you’re already at University? Guelph? Do you know Prof. Glenn Fox?
I hope this biblio will be of help to you:
Anderson, 2001, 2003, 2007; Beale, various dates; Block, 2010; Blumen, 2002, 2005; Corrigan, tba; Crovelli, 2006; DeCoster, 2003; DiLorenzo, 1999; Duffy, 2005A, 2005B, 2005C, 2005D, 2006, 2007A, 2007B, 2007C, 2007D; Economics of contempt, 2008; Englund, 2004, 2005A, 2005B, 2005C, 2005D, 2006, 2007, 2008; French, 2005; Grant, 2001; Karlsson, 2004; Mayer, 2003; Murphy, 2007, 2008; North, 2002, 2005; Paul, various dates, 2000, 2002; Polleit, 2006; Ptak, 2003; Rockwell, 2008, 462; Rogers, 2005; Rothbard, tba; Schiff, Undated A, Undated B, Undated C, Undated D, 2003A, 2003B, 2003C, 2004A, 2004B, 2005A, 2005B, 2005C, 2005D, 2006A, 2006B, 2006C, 2006D, 2007A, 2007B; Sennholz, 2002; Shostak, 2003, 2005; Thornton, 2004, 2009, Undated; Trask, 2003; Wenzel, 2004; See also Woods (2009, p. 188 for further bibliography).
Anderson, William L. 2001. “The Party is Over,” February 20; http://mises.org/daily/617
Anderson, William L. 2003. “Recovery or Boomlet?” July 07; http://mises.org/daily/1265
Anderson, William L. 2007. “The Party is Over – Again,” August 30; http://mises.org/daily/2675
Beale, Theodore. Various dates. http://www.returnofthegreatdepression.com/about/predictions/; returnofthegreatdepression.com.
Block, Walter E. 2010. “Austrian Thymologists Who Predicted the Housing Bubble.” December 22; https://www.lewrockwell.com/block/block168.html
http://investmentwatchblog.com/austrian-thymologists-who-predicted-the-housing-bubble/; https://www.lewrockwell.com/2010/12/walter-e-block/who-predicted-the-housing-bubble/
http://wiki.mises.org/wiki/Austrian_predictions; http://www.bing.com/search?q=%E2%80%9CAustrian+Thymologists+Who+Predicted+the+Housing+Bubble.%E2%80%9D&src=IE-TopResult&FORM=IETR02&conversationid=
Blumen, Robert. 2002. “Fannie Mae Distorts Markets.” Mises Daily, June 17; http://mises.org/daily/986
Blumen, Robert. 2005. “Housing Bubble: Are We There Yet?” May 8;
http://blog.mises.org/3566/housing-bubble-are-we-there-yet/
Bonner, Bill. tba
Corrigan, Sean. tba
Crovelli, Mark R. 2006. “Gold, Inflation, And… Austria?” May 31;
http://www.kitco.com/ind/crovelli/may312006.html
De Coster, Karen. 2003. “The House that Greenspan Built: Irrationally Exuberant Wall Street Welfare Parasites and Their Fed-God.” September 12;
DiLorenzo, Thomas J. 1999. “Regulatory Sneak Attack.” September 16;
Duffy, Kevin. 2005A “The Super Bowl Indicator,” February 5; http://www.LewRockwell.Com/orig5/duffy2.html
Duffy, Kevin. 2005B. “Honey, I Shrunk the Net Worth,” March 3; http://www.LewRockwell.Com/orig5/duffy3.html
Duffy, Kevin. 2005C. “Alan, We Have a Problem,” August 2; http://www.LewRockwell.Com/orig5/duffy4.html
Duffy, Kevin. 2005D. “Panic Now and Beat the Rush,” September 24; http://www.LewRockwell.Com/orig5/duffy5.html
Duffy, Kevin. 2006. “Are Mortgage Borrowers Rational?,” June 24; http://www.LewRockwell.Com/orig5/duffy8.html
Duffy, Kevin. 2007A. “It’s a Mad, Mad, Mad, Mad World,” May 22; http://www.LewRockwell.Com/duffy/duffy10.html
Duffy, Kevin. 2007B. “For Whom Do the Bells Toll?,” Barron’s, June 18; http://www.bearingasset.com/media/media_barrons_20070618.pdf
Duffy, Kevin. 2007C. “Financial Markets on Crack,” August 22; http://www.LewRockwell.Com/duffy/duffy11.html
Duffy, Kevin. 2007D. “Mr. Mozilo Goes to Washington,” September 15; http://www.LewRockwell.Com/duffy/duffy12.html
Economics of contempt. 2008. “The Unofficial List of Pundits/Experts Who Were Wrong on the Housing Bubble.” July 16;
http://economicsofcontempt.blogspot.com/2008/07/official-list-of-punditsexperts-who.html
Englund, Eric. 2004. “Monetizing Envy and America’s Housing Bubble.” July 19; https://www.lewrockwell.com/englund/englund13.html
Englund, Eric. 2005A. “Houses Are Consumer Durables, Not Investments,” June 8; https://www.lewrockwell.com/englund/englund24.html
Englund, Eric. 2005B. “Diminishing Property Rights Will Lead to a Higher Rate of Mortgage Defaults.” https://www.lewrockwell.com/englund/englund25.html
Englund, Eric. 2005C. “When the Housing Bubble Bursts, Will President Bush Practice Mugabenomics?” July, 19; https://www.lewrockwell.com/englund/englund27.html
Englund, Eric. 2005D. “When Will America’s Housing Bubble Burst?” November 4; https://www.lewrockwell.com/englund/englund30.html
Englund, Eric. 2006. “The Federal Reserve and Housing: A Cluster of Errors?” April 22; https://www.lewrockwell.com/englund/englund34.html
Englund, Eric. 2007. From Prime to Subprime, America’s Home-Mortgage Meltdown Has Just Begun.” September 24; https://www.lewrockwell.com/englund/englund41.html
Englund, Eric. 2008. “Countrywide Financial Corporation and the Failure of Mortgage Socialism.” January 28; https://www.lewrockwell.com/englund/englund43.html
Mayer, Chris. 2003. “The Housing Bubble.” The Free Market. Volume 23, Number 8
August; http://mises.org/freemarket_detail.aspx?control=450&sortorder=articledate
Grant, James. 2001. Sometimes the Economy Needs a Setback.” New York Times. September 9; http://www.nytimes.com/2001/09/09/opinion/09GRAN.html?ex=1001147153&ei=1&en=898b\8611aaca6946
Karlsson, Stefan. 2004. “America’s Unsustainable Boom.” November 8;
Murphy, Robert P. 2007 “The Fed’s Role in the Housing Bubble.” December 28; http://blog.mises.org/7590/the-feds-role-in-the-housing-bubble/
Murphy, Robert P. 2008. “Did the Fed, or Asian Saving, Cause the Housing Bubble?” November 19; http://mises.org/daily/3203
North, Gary. 2002. “How the FED Inflated the Real Estate Bubble by Pushing Down Mortgage Rates: Report As of 2002,” Reality Check, March 4;
North, Gary. 2005. “Surreal Estate on the San Andreas Fault.” November 25, 2005; https://www.lewrockwell.com/north/north416.html
North, Gary. 2013. “Tenured Austrian Economists vs. Murray Rothbard.” March 13; https://www.garynorth.com/public/10768.cfm
Paul, Ron. Various dates. http://valuefreedom.blogspot.com/2008/05/ron-paul-told-us-so-economics.html#Austrians_Were_Right
Paul, Ron, 2002. Testimony to U.S. House of Representatives, July 16; text of speech in Woods (2009, 16-17):
“The special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.
“Despite the long-term damage to the economy inflicted by the government’s interference in the housing market, the government’s policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged overinvestment in housing.”
Paul, Ron. 2000. “A Republic, If You Can Keep It” January 31; http://paul.house.gov/index.php?option=com_content&task=view&id=510&Itemid=60
Paul, Ron. 2002. “Government Mortgage Schemes Distort the Housing Market,” July 16; http://paul.house.gov/index.php?option=com_content&task=view&id=323&Itemid=60
Polleit, Thorsten. 2006. “Sowing the Seeds of the Next Crisis.” Apri 25;
Ptak, Justin. 2003. “Government Employees, Go Home!” November 12; https://www.lewrockwell.com/orig4/ptak3.html
Rockwell, Llewellyn H, Jr. 2008. The Left, the Right, and the State. Auburn, AL: The Mises Institute
Rogers, Jim. 2005. “Interview with Jim Rogers on the housing bubble.” April 22;
http://thehousingbubble.blogspot.com/2005/04/jim-rogers-on-housing-bubble.html
Rothbard, Murray N. tba
Schiff, Peter. Undated A. http://www.google.com/#sclient=psy&hl=en&rlz=1W1DMUS_en&q=peter+schiff+economic+predictions&rlz=1W1DMUS_en&aq=3m&aqi=g1g-m3g-o1&aql=f&oq=Schiff+econ&gs_rfai=&pbx=1&fp=cadc6625497da7fb
Schiff, Peter. Undated B.
Schiff, Peter. Undated C.
Schiff, Peter. Undated D.
Schiff, Peter. 2003A. Commentary, March; http://www.europac.net/commentaries/fed_official_admits_emperor_has_no_clothes
Schiff, Peter. 2003B. Commentary, April; http://www.europac.net/commentaries/lies_fed_chairman_tells
Schiff, Peter. 2003C. Commentary, June; http://www.europac.net/commentaries/fed_policy_indicates_belief_real_estate_bubble_too_big_burst
Schiff, Peter. 2004A. Commentary, May; http://www.europac.net/commentaries/arms_way_tender_trap_adjustable_rate_mortgages
Schiff, Peter. 2004B. Commentary, June; http://www.europac.net/commentaries/ny_fed_sees_no_evidence_housing_bubble_are_they_blind
Schiff, Peter. 2005A. Commentary, April; http://www.europac.net/commentaries/still_not_convinced_theres_real_estate_bubble_read
Schiff, Peter. 2005B. Commentary, July; http://www.europac.net/commentaries/housing_speculation_more_rampant_you_think
Schiff, Peter. 2005C. Commentary, August; http://www.europac.net/commentaries/home_equity_not_savings
Schiff, Peter. 2005D. Commentary, October; http://www.europac.net/commentaries/wall_street_wakes
Schiff, Peter. 2006A. Appearance on CNBC, January; http://www.europac.net/media/tv_interviews/peter_schiff_january_10_2006_cnbc_morning_call&type=wmv
Schiff, Peter. 2006B. Speech to the Money Show Conference, February; http://www.europac.net/media/lectures_amp_debates/february_2006_peter_schiff_us_bubble_economy
Schiff, Peter. 2006C. Speech to the Mortgage Bankers Assoc. November; http://www.europac.net/media/lectures_amp_debates/november_2006_mortgage_bankers_association_speech
Schiff, Peter. 2006D. Mortgage Bankers Speech to the Western Regional Mortgage Bankers Conference in Las Vegas; November 13;
http://www.csaba.se/2009/09/26/peter-schiff-mortgage-bankers-speech-2006-complete-transcript/
Schiff, Peter. 2007A. Crash Proof: How to profit in the coming economic collapse (1st edition) New York, N.Y.: Wiley
Schiff, Peter. 2007B. Appearance on Fox News – January 12; http://www.europac.net/media/tv_interviews/peter_schiff_january_12_2007_fox&type=wmv
Sennholz, Hans F. 2002. “The Fed is Culpable.” November 11; http://mises.org/daily/1089
Shostak, Frank. 2003. “Housing Bubble: Myth or Reality?” March 4; http://mises.org/article.aspx?control=1177&titlenum=&FS=&title=&Month
Shostak, Frank. 2005 “Is There a Glut of Saving?” August 4; http://mises.org/daily/1882
Thornton, Mark. 2004. “Housing: too good to be true.” June 4; http://mises.org/daily/1533
Thornton, Mark. 2009. “The Economics of Housing Bubbles.” America’s Housing Crisis: A Case of Government Failure, Benjamin Powell and Randall Holcombe, eds., Transaction Publishers
Trask, H.A. Scott. 2003. “Reflation in American History.” October 31;
Wenzel, Robert. 2004. “Government Isn’t God: FDIC Sticks Banks With Bad Loans and Sticks Borrowers With Subprime Junk .” July 21;
http://www.economicpolicyjournal.com/2008/07/government-isnt-god-fdic-sticks-banks.html
Woods, Thomas E. Jr. 2009. Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse. Washington D.C.: Regnery Publishing
Best regards,
Walter
7:07 am on December 28, 2020
