Working Papers

True Confessions of Steve Keen on the Road to Mt. Kosciuszko

The Business Spectator’s Rob Burgess, who has joined Steve Keen’s housing doomsday cult, reveals the real story behind Keen’s highly publicised decision to sell his unit in Surry Hills:

It turns out that Steve has a cunning get-rich-quick plan. In late 2008, just after Lehman Brothers crashed and a month after he’d made the house-price bet with Rory Robertson, Keen sold his house, taking large capital gains out of the market. Now, if he can only crash the housing market, he’ll make a killing! (Cue fiendish laughter from evil Dr Keen.)

It is, of course, absurd to think that even a cash-strapped academic would manipulate the market to extract relatively small sums of money (in fact, says Keen, the sale was divorce-related).

posted on 20 April 2010 by skirchner in Economics, House Prices

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