January 20, 2009

A Useful Word

We’re in a crumple.

William Watson coined the word in a Sun column last week:

A bubble, as we have all learned, is a run-up in prices going beyond anything that reasonable economic calculation can justify….

But here’s where I find all the bad news encouraging. If social contagion and information cascades can carry us all off to manic highs, presumably they can also drive us down to unwarranted lows…

In effect, we’re in a negative bubble. (I think of a negative bubble as “a crumple.”) We’re quickly talking ourselves into depression. We’ve gone from the subprime to the ridiculous, you might say.

Why do I find this encouraging? Because a crumple is no more reasonable or justified than the bubble was. And because it may turn around just as quickly.

Posted in

Support

If you love this region and have a view to its future please subscribe, donate, or become a Patron.

Share on

Comments

Subscribe to Viewpoint Vancouver

Get breaking news and fresh views, direct to your inbox.

Join 2,277 other subscribers

Show your Support

Check our Patreon page for stylish coffee mugs, private city tours, and more – or, make a one-time or recurring donation. Thank you for helping shape this place we love.

Popular Articles

See All

All Articles