September 10, 2005
-- by Thomas Leavitt
"As I like to say, these days Americans make a living by selling each other houses, paid for with money borrowed from China." -- Paul Krugman (NY Times, login may be required)
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Here is a link to the article in question at the Unofficial Paul Krugman Archive where you can get the article for free.
The average cost of a Manhattan apartment condo has suddenly jumped to around 1 million. If you've ever seen the average Manhattan condo you know you wouldn't want to use it as a chicken coop. People are feeling forced to move into the city if they can by the rising gas prices. Bye-bye to the housing bubble bursting right here for now, anyway.
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