Check out the oil bust from the late 80's in Houston. The entire town went down the toilet. People walked out of their homes and declared bankruptcy in droves. Here is a whacky article from Salon on the subject of Houston that mentions the bust:
http://archive.salon.com/tech/feature/2002/02/01/houston/print.html "In the mid-'80s, the city lost a quarter of a million jobs in the oil and real estate bust. "There were a lot of people who went from owning lots of real estate in West Houston and driving a Porsche to having to take a job selling aluminum siding. Everybody was a kazillionaire," says Jaffe, "and all of a sudden, everybody was bankrupt over the course of, like, three years." Banks just couldn't keep up with all the foreclosures on the suburban houses stocked with '80s amenities -- the backyard swimming pool, the built-in wet bar *and* the Jacuzzi." On 7/25/06, Rick wrote: > > G Money wrote: > > I didn't have any sentiment....other than "holy phucking god, that is a > lot > > of money". > > This is a serious question because I honestly don't remember... > > Were the oil companies losing billions in the mid-late 90s? I know gas > was cheap, but oil was cheap. > > Rick > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Introducing the Fusion Authority Quarterly Update. 80 pages of hard-hitting, up-to-date ColdFusion information by your peers, delivered to your door four times a year. http://www.fusionauthority.com/quarterly Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:211800 Subscription: http://www.houseoffusion.com/lists.cfm/link=s:5 Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=11502.10531.5
