December 2004, is turning out to be the sixth consecutive month of falling house prices in the UK. The hysteria has flipped. John Plender in the Financial Times has a word or two to say to those who believe that markets are rational. [Read the article before it becomes subscription only.]
27Dec04 — 1
Markets Aren’t Rational.
Pootergeek notes a Financial Times article(it’ll go paid subscription only soon so go to his place and read quickly) showing that markets, especially financial ones, are not in fact rational. The Blognor Regis response is