“Don’t Buy that House…”
Ready for the American Dream? Forbes would like to have a word with you…
The dream of owning your own home is as American as apple pie–and (supposedly) better for you. Over and over, we are told that homeownership will make you happier, healthier and wealthier. Heck, it’s even supposed to make you a better citizen.
Of course, there are times when, depending on your age, your savings and your income, buying a home can be a smart decision and an excellent way to build wealth. But is buying a home really such a universally good idea?
That’s just the beginning… Read on!
Then hop on over to the Telegraph for this article…
In a thinly-veiled rebuke to the US Federal Reserve, the BIS said central banks were starting to doubt the wisdom of letting asset bubbles build up on the assumption that they could safely be “cleaned up” afterwards - which was more or less the strategy pursued by former Fed chief Alan Greenspan after the dotcom bust.
It said this approach had failed in the US in 1930 and in Japan in 1991 because excess debt and investment built up in the boom years had suffocating effects.
While cutting interest rates in such a crisis may help, it has the effect of transferring wealth from creditors to debtors and “sowing the seeds for more serious problems further ahead.”
P.S. Spotted on the road back from Hana…
You have to love the marketing copy from their site….
- For the rare individual in whom success and social conscience combine, Pe‘ahi Farms offers an exceptional opportunity to do good by living well—in a home whose ocean views extend unbroken to the horizon, a community whose vision encompasses a greener, sustainable future for this irreplaceable island.
- And you think—not for the first time—that as surely as you have chosen Maui, Maui has chosen you.
What a voice, eh? In fact, it seems eerily familiar… Apparently this development has its own water/aquifer problems.
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About The Unforeseen
The Unforeseen, executive produced by Terrence Malick and Robert Redford, premiered at the 2007 Sundance Film Festival. Called "the best film at the festival, hands down" by Film Comment's Gavin Smith, the film documents the struggles between development and preservation of Austin Texas.