The grass is, apparently, greener in American’s sprawling and overvalued exurbs
Well, that explains the formerly inexplicable sky-high prices of
McMansions in the drab, endless suburbs surrounding major cities. I
always wondered what you had to be on to buy a characterless 2,500 sq.
ft. tract house for $750,000 that was set 50 miles (and a three-hour
commute down clogged freeways) from any employer.
It turns out that you had to be on your own product. I guess now that
the ARMs are re-setting, even the grow houses are going under. This may
be the thing that leads to legalization – the banks need the grow
houses to keep producing & selling product to pay off the insane
loans that were written for overvalued houses … so they quietly push
thru legalization … ?
That would be irony, indeed. Kind of like how Prohibition was ended
because the gov’t needed the tax revenue during the Depression.
Meanwhile, we are starting to see the first runs on banks. This is starting to get a little unsettling. My grandfather had a very bad history with banks – twice, they folded and took the farm. If this starts happening in the U.S., that will really mark the point at which the economy goes into full-blown meltdown.
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