Cendant Corp. Spanks USA Today

Richard A. Smith, Chairman & CEO of Cedant Corp. Real Estate Services Division, in Parsippany, N.J., wrote a letter to USA Today. It appeared on the USA Today website an hour ago. Here's an excerpt:

Allow me to burst your bubble. We enjoy a free market economy in the USA, and the housing marketplace is highly efficient from a pricing perspective precisely because laws of supply and demand rule the day. The United States is in the midst of a 13-year housing boom with home prices rising each year because the fundamentals that support the business are strong, not because a group of industry insiders got together to dupe the home-buying public.

Be sure to read the entire text at this link. Whether you agree or disagree, you're sure to find this one very entertaining.

— The Boy in the Big Housing Bubble