A new word for “bubble”
Over at the LA Times Walter Murch and Lawrence Wechsler make a convincing argument that it’s time to retire the term ‘bubble’ when it comes to speculative excess:
The word “bubble” just has an inescapably happy feel to it, conjuring up kids and parties and sudden iridescent poppings, screams of laughter, the giddy clapping of happy hands and an overall lack of consequence. That was fun; now where’s the cake?
Even more so when the word gets paired with “tulip” or “South Sea.” Where could the harm possibly be in such blithe and fragrant things? Certainly not in the words themselves: exotic petals, swaying grass-skirted maidens, spheres of trembling insubstantiality.
So what do they suggest as a more appropriate term?
What if, instead of that playful word bubble, we tried something a bit more accurately descriptive when growth at any cost became the goal. Say, “tumor”: “the dot-com tumor,” “the subprime tumor,” “the derivatives tumor.”
Would anyone seriously gainsay the highest possible vigilance over the proper functioning of their own body or doubt the need for strong regulation? Who, facing the prospect of a tumorous outbreak or living with a body demonstrably prone to such outbreaks, would entrust that body to a band of physicians blithely committed to laissez faire regarding these fatal bubbles of flesh?
Words matter. Metaphors frame thought. Pay them heed and tend them well.
Read the full editorial over at the LA Times website. The Vancouver housing tumor?
June 17th, 2010 at 10:33 am
@Paulb.:
The sellers are staying put. If sellers don't get the prices they want, then they will pull their listings. Some of those people might try again after the summer, but the current trend seems to be a levelling off of listings.
June 16th, 2010 at 9:38 pm
@Anonymous: Yeah but was your place the show home hidden in the back corner of David Lam Park? Does the front door open onto a filthy alley? Does your landlord have a parking stall in your house? I didn't think so…
June 16th, 2010 at 9:35 pm
@Best place on meth: But… but… I thought there were going to be so many people lining up to rent at the open house that application forms would have to be handed out on a first come first served basis?
I wonder if the landlords to be are shocked that everyone else in Vancouver isn't as clueless as they are?
June 16th, 2010 at 9:35 pm
@Best place on meth:
Nice! I wonder if that place will ever be rented. I just signed a lease on a 2 bed, 2 bath 900 plus square feet in Vancouver. How much? A few hundred less than $1550! Oh, but I forgot, my new place is not "IN THE WEST" Apparently I'm supposed to sacrifice an extra washroom, another bedroom, oh AND a parking spot for that. What was I thinking??
June 16th, 2010 at 9:24 pm
@4Slicesofcheese: From your link: "Lanefab says the homes cost between $160,000 and $220,000 to build, and can be rented out for between $1,100 and $2,200 depending on the size of the unit."
So… that's a price/rent of about 120 or so on construction costs alone. Not bad… if the land is free
June 16th, 2010 at 9:24 pm
@Best place on meth:
It's probably one of those "send the deposit to PO Box Africa and we will mail the keys" double douche like deals.
June 16th, 2010 at 8:58 pm
@vibe: Mania is nice but not actually descriptive…..my suggestion is "boil"
http://en.wikipedia.org/wiki/Boil
If not perfect then abscess
http://en.wikipedia.org/wiki/Abscess
I especially like the description of real-tors that would be "pus"
June 16th, 2010 at 8:20 pm
@4Slicesofcheese:
That one is bigger and it's in East Van. But it also says it's the "first of it's kind".
Hey…what's going on here?
June 16th, 2010 at 8:14 pm
@Best place on meth
Story today
http://www.ctvbc.ctv.ca/servlet/an/local/CTVNews/…
June 16th, 2010 at 8:10 pm
Our favorite laneway "home" is still up for grabs.
Not sure whey they put in 2 ads for the same place yesterday at 2 different prices though.
And the square footage has somehow increased.
http://vancouver.en.craigslist.ca/van/apa/1793470…
http://vancouver.en.craigslist.ca/van/apa/1794157…
Something douchy going on here.
June 16th, 2010 at 7:48 pm
I fear that people's faith in real estate might be so great that switching tumour for bubble might lead them to believe that cancer is actually beneficial.
I vote for "mania". This seems to me like the most accurate way of describing what a bubble really is.
June 16th, 2010 at 7:31 pm
Pope: Thanks for the 'tumour' article, great link.
Some commenters suggested that the word 'bubble' already has enough negative connotations. You can argue that is only true of the minority of the public that is educated with regard to financial matters. Most citizens don't really understand the 'bubble' process, or why 'bubbles' are bad. (Especially when they're in the middle of one.)
Suggesting we use a term like 'tumour' to describe them is a very good idea. Why didn't we think of that before?
A tumour's growth outstrips that which the organism can maintain, it misallocates the whole body's resources, and unless it is cut-out/curbed, it can destroy its host. Very good metaphor; with appropriately dreadful connotations.
June 16th, 2010 at 7:17 pm
I think cancer is a perfect analogy since most of you will probably die of it at an early age since you live in 1970s apartment blocks full of carcinogenic building materials. Enjoy what's left of your life!
June 16th, 2010 at 6:59 pm
@Paulb.: Nope was 18775. Where are the sellers ?
June 16th, 2010 at 6:33 pm
@Raz:
When the worthless cheerleaders post I just hear vuvuzelas.
June 16th, 2010 at 6:28 pm
Yet another net 100. This is like clockwork.
19K by Friday after work!
June 16th, 2010 at 6:22 pm
HST and July's interest rate hike looming. This is going to get ugly fast…..can't wait.
June 16th, 2010 at 6:22 pm
@domus: I think I meant 18875. I'll update later.
June 16th, 2010 at 5:58 pm
Why can't everyone else see that this superduperbulltime is just a guy with way to much time on his hands trying to be funny (it was the first few posts but not anymore dude). Just ignore him and he will eventually go away and find something else pointless to do with his existence.
June 16th, 2010 at 5:40 pm
@Gordon C.:
Gordon C. Says:
June 16th, 2010 at 9:32 am
Okay, your boss tells you that you will have to take a pay cut or be layed off.
Your spouse is pregnant.
You break your leg and have to go on workers compensation.
Your tenant moves out.
Your spouse moves out
You get divorced
Your dog needs a $10,000 operation.
You get fired.
+++++++++++++++++++++
You just wrote my memoir.
June 16th, 2010 at 5:31 pm
Nicely sad, Raz.
June 16th, 2010 at 5:25 pm
Let's not feed the trolls. It's full evident that the trolls have nothing intelligent to say. All we hear is his brain farts.
Looks like he's in need of medication to his Attention Deficit Syndrome – probably he can't afford it either with his high mortgage payments.
June 16th, 2010 at 5:09 pm
Superbullcrap,
when was the last time you could afford cherrys? How much did maintenance fees go up this year? Any assessments coming this fall? LOL Frustrating, I know… there are people who are free, who travel, go out, don't have to watch every penny they spend, and there are "owe-ners" – realturd landlord wannabees…
June 16th, 2010 at 5:03 pm
@paulb.: Inventory down relative to yesterday? Midmonth expiries?
June 16th, 2010 at 5:02 pm
Bear I made new blog for bear in Vancouver it's called forenter.com. Everyday I post story from bear about how great life is in their moldy basement. Only comment that proclaim bear lifestyle to be good will be allowed. I could make a few hundred per month on adsense easy with so many forenter bear. I think there is endless forenting bear supply so business will be profitable long term.
June 16th, 2010 at 4:43 pm
New Listings 241
Price Changes 160
Sold Listings 140
18,775
June 16th, 2010 at 4:41 pm
@Dave: When did you have your lobotomy? Was it painful?
Do you notice any other significant changes in your life since the procedure other than your incredible ignorance?
June 16th, 2010 at 4:40 pm
"Asian Nations Impose Curbs to Slow Expanding Property Bubbles"
http://www.bloomberg.com/apps/news?pid=20601087&a…
The International Monetary Fund has cautioned that Asia’s booming home prices “pose risks to financial stability.” Governments in the region are turning to market curbs rather than raising interest rates — at 20-year lows in some places — in an effort to avert a U.S.-style property crash. While real estate prices have yet to respond, equity investors have: a Bloomberg index of 192 Asia-Pacific real estate stocks has lost 15 percent in 2010 versus a 1.5 percent gain for its U.S. peer.
June 16th, 2010 at 4:06 pm
nothing see here.
move along…move along
http://www.yourhome.ca/homes/realestate/article/8…
June 16th, 2010 at 3:54 pm
@oneangryslav2: I don't see anything about him "wishing" anything upon anyone. He just states a set of historical facts.
'Those who ignore history are doomed to repeat it'.
'History may not repeat itself, but it tends to rhyme'
-Mark Twain