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robertogreco : housingbubble   46

Richard Walker: The Golden State Adrift. New Left Review 66, November-December 2010.
"Since the apotheosis of the state’s favourite son Ronald Reagan, California has been at the forefront of the neoliberal turn in global capitalism. The story of its woes will sound familiar to observers across Europe, North America and Japan, suffering from the neoliberal era’s trademark features: financial frenzy, degraded public services, stagnant wages and deepening class and race inequality. But given its previous vanguard status, the Golden State should not be seen as just one more case of a general malaise. Its dire situation provides not only a sad commentary on the economic and political morass into which liberal democracies have sunk; it is a cautionary tale for what may lie ahead for the rest of the global North."



"California’s government is in profound disarray. The proximate cause is the worst fiscal crisis in the United States, echoing at a distance that of New York in the 1970s. Behind the budgetary mess is a political deadlock in which the majority no longer rules, the legislature no longer legislates, and offices are up for sale. At a deeper level, the breakdown stems from the long domination of politics by the moneyed elite and an ageing white minority unwilling to provide for the needs of a dramatically reconstituted populace.

The Golden State is now in permanent fiscal crisis. It has the largest budget in the country after the federal government—about $100 billion per year at its 2006 peak—and the largest budget deficit of any state: $35 billion in 2009–10 and $20 billion for 2010–11. The state’s shortfall accounts for one-fifth of the total $100 billion deficit of all fifty states. These fiscal woes are not new. They stem in large measure from the woefully inadequate and inequitable tax system, in which property is minimally taxed—at 1 per cent of cash value—and corporations bear a light burden: at most 10 per cent. Until the late 1970s, California had one of the most progressive tax systems in the country, but since then there has been a steady rollback of taxation. In the 1970s, it was one of the top four states in taxation and spending relative to income, whereas it is now in the middle of the pack.

The lynchpin of the anti-tax offensive is Proposition 13, passed by state-wide referendum in 1978, which capped local property taxes and required a two-thirds majority in the state legislature for all subsequent tax increases—a daunting barrier if there is organized opposition. Proposition 13 was the brainchild of Howard Jarvis, a lobbyist for the Los Angeles Apartment Owners’ Association. Support for it came not so much from voters in revolt against Big Government as from discontent with rising housing costs and property-tax assessments. But it was to prove a bridgehead for American neoliberalism, which triumphed two years later with Reagan’s ascent to the presidency."



"The fiscal crisis overlays a profound failure of politics and government in California. The origins of the stalemate lie in the decline of the legislative branch, which has popularity ratings even lower than Schwarzenegger’s. Led by Assembly Speaker Jesse Unruh in the 1960s, California’s legislature was admired across the country for its professionalism. But by the 1980s, under Speaker Willie Brown, it had become largely a patronage system for the Democratic Party, which has controlled the state legislature continuously since 1959. Republicans went after Brown and the majority party by means of a ballot proposition imposing term limits on elected officials in 1990. Term limits neutered the legislature, taking away its collective knowledge, professional experience and most forceful voices, along with much of the staff vital to well-considered legislation. Sold as a way of limiting the influence of ‘special interests’, term limits have reinforced the grip of industry lobbyists over legislators."



"Efforts to jettison Proposition 13, such as that by the public-sector unions in 2004, have been stillborn because the Democratic Party leadership refuses to touch the ‘third rail’ of California politics. Most left-liberal commentators attribute this impasse to an anti-tax electorate and organized opposition from the right, but this does not square with the evidence. Electorally, the Democrats have easily dominated the state for the last four decades: both houses of the legislature, one or both us Senate seats, the majority of the House delegation, and the mayoralties of Los Angeles, San Jose, Oakland and San Francisco; and, from Clinton onwards, every Democrat presidential candidate has carried the state by at least 10 per cent.

Rather than electoral vulnerability, it is the Democrats’ fundamental identification with the agenda of Silicon Valley, Hollywood and financiers—and dependence on money from these sources—that explains their unwillingness to touch the existing system."



"The victor, septuagenarian Democrat Jerry Brown, was governor of the state from 1975–83 and mayor of Oakland from 1999–2007; his most recent post was that of state Attorney General. Once a knight-errant of the liberal-left, it was his blunders in dealing with a budget surplus that paved the way for Proposition 13, and his harping on the theme of an ‘era of limits’ made him a rhetorical precursor to neoliberalism. In Oakland, his main contribution was to revivify the downtown area through massive condo development in the midst of the housing boom; he was also instrumental in pushing through charter schools. Brown’s low-key campaign kept its promises vague, but adhered to a broadly neoliberal agenda: pledging to cut public spending, trim the pensions of public employees, and put pressure on the unions to ‘compromise’. He has a fine nose for the political winds, but lacks any strong connection to a popular base."



"Yet whites have continued to dominate electoral politics, still making up two-thirds of the state’s regular voters. The majority of colour is vastly under-represented, because so many are non-citizens (60 per cent), underage (45 per cent) or not registered to vote. Turnout rates among California’s eligible Latinos are an abysmal 30 per cent, and the number of Latino representatives in city councils, the legislature and Congress remains far below what would be proportionate; Antonio Villaraigosa is the first Latino Mayor of Los Angeles since the 19th century. The fading white plurality continues to exert a disproportionate influence on the state. Markedly older, richer and more propertied, the white electorate has correspondingly conservative views: for many, immigrants are the problem, the Spanish language a threat, and law and order a rallying cry. Even the centrist white voter tends to view taxes as a burden, schools of little interest, and the collective future as someone else’s problem."



"The current economic and fiscal crises are just the latest symptoms of the slow decline of California’s postwar commonwealth. Here, as much as anywhere in the us, the golden age of American capitalism was built on a solid foundation of public investment and competent administration. Here, too, the steady advance of neoliberalism has undermined the public sector, and threatens to poison the wellsprings of entrepreneurial capitalism as well. This is especially apparent in the realm of education, from primary to university levels. The state’s once-great public-school system has been brought to its knees. Primary and secondary education (K–12: from kindergarten to twelfth grade) has fallen from the top of national rankings to the bottom by a range of measures, from test scores to dropout rates; the latter is currently at 25 per cent. There are many reasons for the slide, but the heart of the matter is penury—both of pupils and of the schools themselves, as economic inequalities and budget cuts bear down on California’s children."



"The upper middle class shield themselves by simply taking their children out of the public-school system and sending them to private institutions instead; previously rare, such withdrawals have now become commonplace—along with another alternative for the well-off, which is to move to prosperous, whiter suburbs where the tax base is richer. If public funds are insufficient, parents raise money amongst themselves for school endowments. In July of this year, a combination of civil-society groups launched a lawsuit over the injustice of school funding, hoping to produce a ‘son of Serrano’ ruling."



"California has been living off the accrued capital of the past. The New Deal and postwar eras left the state with an immense legacy of infrastructural investments. Schools and universities were a big part of this, along with the world’s most advanced freeway network, water-storage and transfer system, and park and wilderness complex. For the last thirty years, there has been too little tax revenue and too little investment. To keep things running, Sacramento has gone deeper and deeper into debt through a series of huge bond issues for prisons, parks and waterworks. By this sleight of hand, Californians have been fooled into thinking they could have both low taxes and high quality public infrastructure. The trick was repeated over and over, in a clear parallel to the nationwide accumulation of excessive mortgage debt. As a result, California now has the worst bond rating of any state."
richardwalker  california  via:javierarbona  2010  politics  policy  proposition13  inequality  education  schools  publicschools  highereducation  highered  government  termlimits  democrats  neoliberalism  liberalism  progressivism  elitism  nancypelosi  jerrybrown  ronaldreagan  race  demographics  history  1973  poverty  children  class  economics  society  technosolutionism  siliconvalley  finance  housingbubble  2008  greatrecession  taxes 
april 2017 by robertogreco
Next American City » Sympathy for the Suburbs
"But Foreclosed seethes with disdain for the suburbs, and the lack of an empathetic understanding of how the suburbs function and are changing, ultimately makes the exhibit look less visionary than ignorant…

These radical visions that are so insensitive to the suburbs remind me of the Modernist public housing projects that were once foisted on inner cities. Created by well-intentioned but essentially ignorant architects and planners, those buildings made sense in theory but not in practice. They didn’t respond to the rhythms and needs of the people who would be housed there, because the architects didn’t really respect or understand the lives of poor people. MoMA should have found some architects who could love and live in the suburbs, showing us the way to make the most of suburban housing instead of wishing it didn’t exist."
hilarysample  michaelmeredith  losangeles  oregon  illinois  california  florida  newjersey  templeterrace  theoranges  cicero  keizer  rialto  cities  edglaeser  misregistration  repurposing  revitalization  infrastructure  jeannegang  WORKac  foreclosed  barrybergdoll  housing  andrewzago  buellhypothesis  moma  design  planning  poverty  urbanism  urban  architecture  suburbia  suburbs  2012  foreclosure  housingbubble  housingcrisis 
february 2012 by robertogreco
How a Financial Pro Lost His House - NYTimes.com
"Still, the questions linger. As I ponder all this — and I think about it a lot — it occurs to me that we are a nation of risk-takers. Some of us were overoptimistic; some were ignorant; some were deluded; some were greedy; some just had bad timing. We erred to different degrees. Our experiences varied; each story is different. Now you know mine."

[Wow. "A nation of risk-takers"? Not by my definition. This was just gambling and rampant consumerism.

This is the tale of a "financial pro", yet there are still many arguing to end Social Security and put everyone in charge of their own retirements. Plus, who in their right mind is going to buy this guy's book? Or hire him to help them manage their finances?]
finance  money  housingbubble  2011  carlrichards  greatrecession  gambling 
november 2011 by robertogreco
The Great American Bubble Machine | Rolling Stone Politics
"From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression -- and they're about to do it again"<br />
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"The new carbon credit market is a virtual repeat of the commodities-market casino that's been kind to Goldman, except it has one delicious new wrinkle: If the plan goes forward as expected, the rise in prices will be government-mandated. Goldman won't even have to rig the game. It will be rigged in advance."
carboncredits  carbon  carbonoffsets  goldmansachs  matttaibbi  2011  bubbles  finance  tarp  bailout  markets  manipulation  greatdepression  dotcomboom  technology  housingbubble  housing  energy  oil  gasoline 
march 2011 by robertogreco
Global house prices: Clicks and mortar | The Economist
"The Economist has been publishing data on global house prices since 2002. The interactive tool above enables you to compare nominal and real house prices across 20 markets over time. And to get a sense of whether buying a property is becoming more or less affordable, you can also look at the changing relationships between house prices and rents, and between house prices and incomes."
housing  economics  data  us  uk  japan  international  prices  2010  property  via:cityofsound  housingbubble  graphs  statistics  charts 
october 2010 by robertogreco
On Black Swans and Realism | varnelis.net
"A couple of weeks back the Planet Money podcast hosted Nassim Taleb, author of the Black Swan. Click here for the interview. I have not read Taleb's book, although I am likely to now, but I am baffled by how the real estate crisis and the crash of the market could be considered a hard-to-predict or rare event. In that, Taleb seems like an apologist for the neoliberal school of thought which is in love with totalizing arguments: "There is no alternative" or "Nobody could have predicted it." So sorry, but there are alternatives and plenty of us predicted it long in advance. Look, I only have a basic training in economics, but it was a good one, and it was obvious to me that the market was out of whack. Unless somehow more training in economics leads to diminishing returns, the idea that the crash was a black swan seems bizarre, even delusional."
kazysvarnelis  housingbubble  nassimtaleb  markets  economics  blackswans 
september 2010 by robertogreco
Careful Lending Benefits Canada's Housing Market : NPR
"Canadians bankers are often characterized as stodgy, and they were more careful about lending money. Cameron Muir, of the British Columbia Real Estate Association, adds: They didnt encourage unqualified buyers to jump into the market. [Makes sense.] … Canadians generally put more money down than their U.S. peers, and there is no tax break for mortgage interest. Moreover, says Muir, buyers who put 20 percent or less down have to get mortgage insurance, and the government sets the criteria for borrowers. [Still making sense.] … Whats more, many Asians are investing in Canadian real estate, and that too has helped the country's real estate market continue to hum. [Oh, but that last line makes me think speculation.]"
canada  vancouver  britishcolumbia  housing  markets  2010  housingbubble  money  finance  policy  speculation  bc 
september 2010 by robertogreco
Today We Collect Nothing | varnelis.net
"We will need at least a decade to absorb the excess housing currently in the market...Mobility will rise, but homes will become less the spaces of self-realization that they were...& more shells to be filled temporarily, with only a few, highly-intelligent objects in one's possession...Is this an end condition to architecture? Maybe. But when hasn't architecture been in an end condition?...But maybe there are other possibilities? It strikes me that architects are missing a major opportunity here. All of this is very similar to what the Eameses were up to when they moved away from construction to media. They built the best house of the century but architecture couldn't hold their attention. It was too slow. Instead, they turned to media. Today's media are more spatial than film ever could be. Hertzian space—and the interface to it—is the new frontier. Architects should be sure not miss out."
neo-nomads  nomads  mobility  modernism  eames  architecture  kazysvarnelis  housing  housingbubble  realestate  future  reynerbanham  stevejobs  postdisciplinary  design  glvo  cv  unschooling  deschooling  gamechanging  change  hertzianspace 
march 2010 by robertogreco
On the Bailout Hustle - Matt Taibbi - Taibblog - True/Slant
"My feeling is similar to what Barry Ritholtz proposed. He said that “we should have gone Swedish on their asses.” The Swedes after a similar bubble burst in 1992 temporarily seized control of insolvent institutions, forced banks to write down losses before they got aid, & gave taxpayers a huge share in the upside of recovery. It was a tough-love approach that really worked & forcefully addressed the moral hazard issue in a way we never touched.
economics  bailout  sweden  corporatism  matttaibbi  barryritholtz  recovery  crisis  2010  housingbubble  banking  us  policy 
february 2010 by robertogreco
The Top 10 Stories You Missed in 2009 - By Joshua Keating | Foreign Policy
"#4 A New Housing Bubble?: More than any other factor, ill-advised speculation on U.S. real estate set off the global financial crisis. But even after millions of foreclosures and secondary effects rippled through economies around the world, U.S. homeowners might be starting to make the same mistakes all over again."
politics  china  india  iraq  foreignpolicy  uganda  housingbubble  crisis  finance  brasil  security  media  brazil 
december 2009 by robertogreco
Bobbie Johnson meets Douglas Rushkoff, who helped to shape the internet in the early 90s | Books | The Guardian
"Rushkoff says he started working on the book more than four years ago (although getting mugged brought the project into sharper focus). Back then, friends and acquaintances scoffed at his predictions that the housing bubble was going to hurt a lot further down the line. "It's a little sad," he says. "I wrote the book in the future tense, and then when I was editing I had to put it in the present, and then - in the last draft - I had to put it in the past.""
douglasrushkoff  housingbubble  bubbles  economics  books  reviews  individualism  consumption  consumerism  technology  society  culture  interviews  activism  corporations  business  ideology 
june 2009 by robertogreco
On The Great Big Third World | varnelis.net
"So if we're seeing 9.4% unemployment this month, you should probably double that to get a real picture of how many people aren't being employed in traditional fashion. What if this continues for a few years? And what if we get the high interest [and inflation] rates that I predicted, eviscerating home values? I think the result is a country that approaches "Third World" status with a cheap labor force that will take on contract work without any guarantee of continuing employment for low wages. ... The Third World didn't vanish in the worldwide economic "boom," it spread everywhere. That's what the last two decades have brought us. I knew that the Bush administration was alternately too stupid and too evil to point this out, but Obama had the opportunity to force Americans to face up to the crisis, as FDR did when he took over in 1933, but he took an easy way out. Now we'll all pay the price. Welcome to the new, improved, much larger Third World."
kazysvarnelis  crisis  thirdworld  us  policy  economics  housingbubble  labor  unemployment  georgewbush  barackobama  inflation  devaluation  dollar  markets  boom  greatrepression  recession 
june 2009 by robertogreco
My Personal Credit Crisis - NYTimes.com
"If there was anybody who should have avoided the mortgage catastrophe, it was I. As an economics reporter for The New York Times, I have been the paper’s chief eyes and ears on the Federal Reserve for the past six years. I watched Alan Greenspan and his successor, Ben S. Bernanke, at close range. I wrote several early-warning articles in 2004 about the spike in go-go mortgages. Before that, I had a hand in covering the Asian financial crisis of 1997, the Russia meltdown in 1998 and the dot-com collapse in 2000. I know a lot about the curveballs that the economy can throw at us. But in 2004, I joined millions of otherwise-sane Americans in what we now know was a catastrophic binge on overpriced real estate and reckless mortgages. Nobody duped or hypnotized me. Like so many others — borrowers, lenders and the Wall Street dealmakers behind them — I just thought I could beat the odds."

[See some follow-up here: http://delong.typepad.com/sdj/2009/05/new-york-times-crashed-and-burned-and-smoking-watch-ombudsman-clark-hoyt-edition.html ]
crisis  housingbubble  credit  creditcrunch  creditcards  2009  journalism  economics  foreclosures  mortgages 
may 2009 by robertogreco
FT.com | Willem Buiter's Maverecon | Home loans in the US: the biggest racket since Al Capone?
"The extreme fiscal largesse bestowed on residential housing, directly and indirectly through mortgage interest deductibility, has led to a massive misallocation of investment in the US. There has been overinvestment in the private residential housing stock and underinvestment in just about every other form of fixed capital: infrastructure, public amenities of all kinds (sports facilities, public recreational facilities, parks etc.), commercial structures, plant and equipment. It is time to correct the distorted incentives that are at the root of this misallocation. The easiest way to do this, in the current tax system, is to end the deductibility of mortgage interest in the personal income tax, close down Fannie and Freddie and end the role of the US government in the provision of residential mortgages."
economics  housing  realestate  meltdown  crisis  finance  policy  mortgages  taxes  mortgagededuction  investment  stimulus  willembuiter  housingbubble 
february 2009 by robertogreco
Portland's 11xDesign Home Tour - Dwell Blog - dwell.com
"It’s not every local homes tour that merits attention beyond a city’s borders. But the 11xDesign tour, scheduled for February 21, featuring some of Portland’s most inspired contemporary residential design, is not a traditional home tour. ... s the city has become infused with new talent, a small group of promising and accomplished designer-developers have banded together in a hybrid of traditional architectural or development practice. Small firms and sole practitioners here like Path Architecture, Atelier Waechter, and Building Arts Workshop still operate as individual businesses, and even compete for buyers. But they share research, marketing and design ideas; they’ve become a community."
portland  oregon  homes  housing  architecture  design  events  cascadia  community  cooperative  development  crisis  housingbubble  hometours  collective  architects  modernism 
february 2009 by robertogreco
I Can Haz Mortgage? - Core77
"Pop!Tech, the Biggie to TED's Tupac, brings the year's most brilliant, engaging, and PowerPoint-savvy thinkers/doers to the East Coast every October. This year's standout was economic heavyweight Juan Enriquez.
economics  crisis  2008  subprime  housingbubble  markets  finance  juanenriquez  austerity  politics 
october 2008 by robertogreco
Robert Shiller, Real-estate Bubble, The Subprime Solution » knackeredhack
"One interesting point he makes is that some people, lacking the means to offset their socio-economic risks, may become far too cautious in their choice of employment, thus depriving society of their more creative endeavour." "there is a strong moral imperative running through Shiller’s advocacy, no doubt reflecting the increasing severity of the social consequences that can compound very quickly if the policy response is half-baked." "Shiller describes Chile as the most inflation-sensitive population in the world."
robertshiller  housingbubble  subprime  markets  society  psychology  books  chile  uf  unidaddefomento  economics  behavior  risktaking  riskassessment  risk 
august 2008 by robertogreco
Bailing Out the Bad Guys: What Congress and Bush Do Best
"The bailouts are rewarding the very people and institutions whose reckless behavior caused this financial mess. Yet government demands nothing from them in return--like new rules for prudent behavior and explicit obligations to serve the national interest." + an alternative prescription
economics  policy  collapse  banking  finance  government  politics  subprime  housingbubble 
august 2008 by robertogreco
This American Life - 355: The Giant Pool of Money
"A special program about the housing crisis produced in a special collaboration with NPR news. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall street? Why did banks make half-million dollar loans to people withou
economics  finance  thisamericanlife  npr  housing  crisis  subprime  housingbubble 
may 2008 by robertogreco
House prices | High-rise living | Economist.com
"WHERE are house prices most overvalued? many countries have had far hotter housing markets than America and are also suffering from tightening lending conditions thanks to the credit crisis."
housingbubble  finance  economics  us  world  global 
april 2008 by robertogreco
Conceptual Trends and Current Topics - Governing Sovereign Wealth Flows
"Nothing about current arrangement is stable...mortgage crisis is merely symptom of much larger disruption: emergence of global flow of money in need of some global level regulation...greedy bankers want it...need some minimal global enforceable rules"
finance  global  markets  housingbubble  money  globalization  world  government  sovereignwealthflows  influence  power  kevinkelly 
april 2008 by robertogreco
Let the housing chips fall - Los Angeles Times
"The quicker home prices find a sustainable bottom, the quicker our economy can truly recover. Instead, the government is trying to float our allegorical collapsed beach house on a flood tide of new liquidity. But the fixes compound the problem."
housingbubble  economics  us  policy  markets 
april 2008 by robertogreco
IFTF's Future Now: Peal River Downturn - "China's economic boom often compared to West's industrialization, only running in fast-foward...
"looks like decline...playing out on same accelerated time frame...perfect storm of recent developments - US housing market, soaring commodity prices, new labor regulations - shuttering factories in Peal River Delta at alarming rate"
china  industry  industrialization  economics  development  labor  markets  housingbubble  commodities 
march 2008 by robertogreco
España: inquietud por el fin del "milagro" | LANACION.com
"Crece el desempleo y retroceden el mercado inmobiliario y automotor tras una década de bonanza sin precedente en el país...La venta de departamentos cayó hasta el 40% en algunas regiones"
spain  housing  housingbubble  economics  españa 
march 2008 by robertogreco
The age of the anti-Cassandra - Paul Krugman - Op-Ed Columnist - New York Times Blog
"our public discourse is dominated by people who have been wrong about everything — but are still, mysteriously, treated as men of wisdom, whose judgments should be believed. Those who were actually right about the major issues of the day can’t get a
culture  media  journalism  politics  predictions  society  housingbubble  subprime  war  iraq  economics 
march 2008 by robertogreco
America's new subprime shanty-towns - Boing Boing
"chilling BBC clip, newsteam ventures to one of LA's new shantytowns made up of people who've lost their homes in subprime meltdown, now live in tents, improvised shacks or RVs on abandoned land...wonder why found out from BBC, not US media"
subprime  media  housingbubble 
march 2008 by robertogreco
And Still I Persist » Blog Archive » Charting The Banking Crisis - A Boomerang Demo
"We decided to apply the Boomerang approach to this mass of data, adding in some ideas from the groundbreaking gapmider.org effort to create a dynamic overview of just how tough it’s getting for banks and their mortgage portfolios."
accounting  complexity  economics  banking  visualization  money  subprime  housingbubble  finance  history  information 
march 2008 by robertogreco
Bank-sponsored playground design: how to plot fun from misery
"WaMu, in conjunction w/ non-profit KaBOOM!, is hosting series of Design Days where children can design playgrounds to be built in 10 US cities. Kids, if you need inspiration for shapes of your slides & climbing blocks, look no further than US housing mar
playgrounds  children  design  banking  humor  housingbubble  housing 
march 2008 by robertogreco
Derivatives shell-game leaves mortgages "orphaned" -- stop paying your mortgage, keep your house - Boing Boing
Some banks were so enthusiastic in playing subprime derivatives shell-games they've lost notes on mortgages they "own"...estimated $2.1 trillion worth of mortgages "orphaned" with no apparent owner." - I don't even know where to begin here...
housingbubble  money  finance  bubble  us  subprime 
february 2008 by robertogreco
The Next Slum?
"The subprime crisis is just the tip of the iceberg. Fundamental changes in American life may turn today’s McMansions into tomorrow’s tenements."
us  architecture  housingbubble  capitalism  bubble  housing  recession  slums  sociology  subprime  suburban  suburbia  suburbs  sustainability  theatlantic  economics  realestate  urbanism  walking  transportation  urban  mortgages  demographics  future  green  cities  crime  culture  planning  politics  poverty  property  dystopia  neighborhoods  collapse  environment 
february 2008 by robertogreco
Marginal Revolution: Can Larry Summers talk me into the stimulus package?
"We pass too many policies just to show politicians are "doing something," just because it is election year, voters think government should solve every problem, and politicians know that voters don't understand any real economics."
us  economics  policy  politics  elections  housingbubble  bubble  2008  tylercowen 
february 2008 by robertogreco
Housing Meltdown [Business Week]
"He takes almost unseemly delight in predicting tougher times ahead: "Americans are going to have their credit cards taken away from them by the lenders. We're going to turn the American economy into a cash economy."
housing  housingbubble  bubble  economics  money  markets  finance  us  future 
february 2008 by robertogreco
SGVTribune.com - Statewide home sales fall
"Locally, Pasadena took the biggest hit, with a year-over-year price drop of 30.1 percent from December 2006."
losangeles  pasadena  housing  homes  bubbles  housingbubble  markets  ouch 
january 2008 by robertogreco
The You Generation | MetaFilter
"Is foreclosure right for you? Walking, a click away."
society  homes  housing  housingbubble  foreclosure  greed  us  markets  business 
january 2008 by robertogreco
Calculated Risk: Wachovia: Homeowners just Walking Away
"1 of greatest fears for lenders (+investors in mortgage backed securities) is...socially acceptable for upside down middle class Americans to walk away from homes...homeowners with "capacity to pay...just decided not to." Wachovia is seeing that happen n
bubbles  homes  realestate  housingbubble  via:migurski  business  finance  economics  credit 
january 2008 by robertogreco
Bloomberg.com: Opinion: What Does Goldman Know That We Don't?: Michael Lewis (Update1) - Michael Lewis
"The only difference between Goldman and everyone else was that Goldman had, in effect, an entirely separate enterprise, sitting on top of the firm, with the power to reverse the judgment of its own supposed experts in various markets."
michaellewis  economics  goldmanSachs  finance  business  management  markets  money  risk  strategy  housing  housingbubble  subprime  organization  trading  investment  intelligence 
january 2008 by robertogreco
Prices Decline as Gentrification Ebbs - New York Times
"Property values have plummeted throughout the city, as much as 30 percent in some neighborhoods. But in the partially gentrified areas, he said, the decline has been steeper. Some apartments have sold for half what their owners paid; some seem unsalable
nyc  housing  housingbubble  bubbles  1990s  1991  history  economics  money  gentrification  us  cities 
january 2008 by robertogreco
Developing world to drive global growth | Business | The Guardian
"Hopes for a soft landing rest with China and India as rich economies face a slowdown"
economics  globalization  global  international  us  housingbubble  china  india  via:cityofsound 
january 2008 by robertogreco
Bloomberg.com: Opinion: Japan Ghosts of Bubbles Past Haunt U.S. in 2008: William Pesek
"only lesson U.S. has learned from Japan is how to clean up the post-bubble mess,'' says Roach, "America has failed to learn the important lesson -- how to avoid dangerously destabilizing bubbles in the first place."
us  japan  bubble  housingbubble  economics  history 
january 2008 by robertogreco
seven for 2007 | varnelis.net
"1. The Decline of the City, the Rise of the City 2. The End of Privacy 3. The Return of Big Computing 4. Systems not Sites 5. Goodbye, Bilbao 6. The Bust 7. The iPhone"
cities  trends  urban  urbanism  mobile  mobility  architecture  housingbubble  kazysvarnelis  suburbs  parkour  iphone  internet  network  future  forecasting  design  remkoolhaas  crisis 
january 2008 by robertogreco
Home Sweet Gadget: How Our Technolust Helped Bring Down the Housing Market
"In 1993, just 48 percent said they hoped their next house would be newly built. By 2004, that number had grown to 74 percent."
homes  housing  markets  realestate  bubble  housingbubble  electronics  technolust  society 
december 2007 by robertogreco
The World In 2008 | After the binge
"All this means that house prices will slide. In the bubbliest areas, such as California and Florida, prices could halve over the next few years. Nationally, the decline will be more gradual."
housing  us  economics  finance  california  housingbubble  recession 
november 2007 by robertogreco
LA Weekly - News - Foreclosure Frenzy - David Ferrell - The Essential Online Resource for Los Angeles
"For Angelenos who watched, confounded, as many home buyers somehow were able to afford $585,000 homes the mystery has been solved: Buyers couldn’t actually afford the prices, but bought anyway."
duh  housing  losangeles  economics  finance  mortgages  housingbubble  foreclosures  frenzies  via:cburell 
november 2007 by robertogreco

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