What Have These Real Estate Prices Been Smoking? October 9, 2003January 22, 2017 AL Bart: ‘As a rule, I do not purchase nor read books with screaming headline titles, but I was blown away by the Franken book! I purchased a second copy and donated it to our local San Antonio library.’ ARNOLD I would have preferred Rob Lowe. But I wish him luck. And I wish that all Republicans were pro-choice and pro-gay rights, as he seems to be. I expect Arnold will have to raise taxes to balance the budget, just as Ronald Reagan did when he became governor of California. Ellen Degeneris for President? REAL ESTATE ‘Do you have a view regarding residential properties in the suburbs of NYC (i.e. Nassau County and Westchester County), where prices have climbed over the past 5 years far in excess of national averages? Do you think there is a ‘bubble’ per se, and if so, whether prices might actually decline in the next 12-24 months? Or whether things might simply stay flat and allow household earnings to catch up?’ ☞ I think long-term interest rates will rise, as massive deficits weaken the dollar; and that when they do, higher monthly mortgage payments will make today’s home prices hard to sustain. Or else, if rates don’t rise, it could be for ‘bad’ reasons – the kind of gloomy economy that also makes high prices hard to sustain. BEFORE YOU SMOKE Stephen Gilbert: ‘Re yesterday: Our national drug policy was already bad when Bush arrived.’ ☞ I agree. YOM KIPPUR Joshua Dickner: ‘I noticed today that you published a column on Yom Kippur. I assume you are Jewish. It is a poor reflection on American Jewry today that so many continue their daily rituals without the slightest regard for the holiest day in the Jewish calendar. What does it mean to be a Jew? At the very least, even if you don’t go to temple, or take the time on this important day to reflect on your spirituality and your place in this World, as a sign of respect for your birthright, and as a statement of community with Jews around the world, you ought not to publish your column the same as any other day (and in so doing tell your wide readership that you don’t care). My father, born in Germany in the 1930’s and who lost his parents and other family members to Nazi concentration camps, would warn you that the non-observing Jews were rounded up with the same force as those who were pious. A lesson you should heed.’