Saturday, February 28, 2009

California Dreaming ?

What were they smoking?

OK, OK, we know
But also consider that this was the home to CountryWide, IndyMac (failed mortgage bucket shops), and seems that some believed that 20% annual home appreciation wasn't a bubble.

Understanding California's Crisis | Newsweek Business |

"For a time the whole California economy seemed to revolve around real-estate speculation, with upwards of 50 percent of all new jobs coming from growth in fields like real estate, construction and mortgage brokering."


Post a Comment

<< Home