Friday, October 10, 2008

I got a brick 

Matthew Parris with the Economic Crisis in Three Minutes":

The stage is empty against the backdrop of a blue sky and scudding clouds. ENTER: Joe Citizen carrying a small brick, and Jack and Jill Jones carrying a large one...

Joe Citizen (to the Joneses): That�s a nice big brick you own.

The Joneses: It�s for sale. The kids have flown the nest and we�re downsizing. We�d take �10 for our brick. What are you asking for your smaller one?�

Joe Citizen (to himself): �10? Pricey for a brick, but I guess mine must be worth more than I realised too. The market�s obviously on the up. (To the Joneses) I�d sell mine for �8.

The Joneses (conferring): Brick prices must be rising faster than we thought. If his is worth �8, ours must be worth more than �10. (To Joe) We�ve raised our asking price to �20.
&c. A bubble begins, and then crashes. RTW clever T.

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