21 Jul '11, 12pm

The Great American Suburban Ponzi Scheme

The Great American Suburban Ponzi Scheme

As with any Ponzi scheme, the only way to keep it going is by bringing in new money, more suckers, if you will, to cover a piece of the damage. So towns began to expand in order to “increase the tax base.” So, with the help of our noble banking establishment, assisted by the collusion of various shameless lawmakers, we saw the relaxation of numerous precautionary laws, such as Glass-Steagall, that were put in place after the depression to avoid a repeat performance. Now, encouraged by avaricious lenders, and going all-in, “we financed new growth by borrowing staggering sums of money, both in the public and private sectors. By the time we crossed into the third life cycle and flamed out in the foreclosure crisis, our financing mechanisms had, out of necessity, become exotic, even predatory.”

Full article: http://www.triplepundit.com/2011/07/great-american-suburb...

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