Harry Pollard wrote: > I guess I have to say it again and again. It's not a housing crisis - it > is a land crisis. It is always a land crisis. The problem with land values > is that they can be $100,000 today and a $1.95 tomorrow. Bankers know this > and back in the days of prudent banking they would never lend on land.
Was it really for the first time in history that bank loans for homeowners included the land that the home was built on, and that land prices increased? (Did land prices really increase stronger than ever? Why, in a recession?) Or was the subprime crisis manifactured by speculators who made billions by taking the American "buy now, pay later (or never)" consumerism to new extremes? Those billions gotta go somewhere, they don't just disappear... Chris ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ SpamWall: Mail to this addy is deleted unread unless it contains the keyword "igve". _______________________________________________ Futurework mailing list Futurework@fes.uwaterloo.ca http://fes.uwaterloo.ca/mailman/listinfo/futurework
