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Brian White, 2am club continues

Enduring membership of the 2am Club continues when questions remain unanswered.

How do you answer the astonishment expressed by one of President Obama’s new key advisors on the economy (Professor Jeffery Frankel) who asked “Why did people stop believing in cycles? Why on earth was there no thought given to the possibility that cycles were still inevitable?”

This was the basis of a presentation Professor Frankel gave recently at Harvard University in Boston. It was such a contrast with all the expressions of shock/horror made when the first GFC bit deeply. “Whose fault is this? They should be sent to gaol? This should not be happening. Publicly denounce them”. Property cycles don’t happen anymore.

Really. Why this new belief that property cycles are a thing of the past? The folly in ignoring history.

Property cycles are as certain as night follows day. People stop believing they exist because it just doesn't suit us.

All of us in real estate are now beginning to feel the gentle warmth of the returning cycle. How nice is the sensation! How good to feel the inevitability - as inevitable as the slow turning of our planet itself! Will we forget it all again when the frenzy, once more, gathers pace?

Good questions for 2am club members!

Each month Ray White produces the White Paper which includes industry news and market commentary. For easy access visit www.raywhite.net

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Brian White, 2am club members