I think we all agree that our industry in general is culpable for allowing homesellers to set (and often obtain) asking prices that are simply unsustainable. Prices are now falling, and they're falling fast. We'll hit bottom and we'll return to a reasonable market. But it's not just sellers who have added to our economic woes. What about factory workers, manufacturers, the oil industry, government contractors? We're all connected. Those of us in these markets have no opportunity to negotiate, as we do in the housing industry. Buyers cannot determine value.
What would be the result if they could? If an industry is regulated, then prices should be regulated. And if not, we should see a true free market.
Way, way back in the day, W.C. Fields had a wonderful routine about day-old bread. "My boyee, we have no nine-cent bed. Yesterday we had nine-cent bread. Today we have eight-cent bread." What would happen if all of our corporations were as honest? The price of stuff would drop until buyers could buy and sellers could sell.
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