Easy Money.
To recap.
• Subprime lending/”No Doc” Loans allow people to buy homes they cannot afford. They use tricks like “Adjustable Rate Mortgages” and artificially-low introductory rates to get folks in the door.
• Credit creation and injection into the economy enables massive amounts of speculative real estate development to occur in advance of demand (Austin’s current story is condos, Condos, CONDOS!!!!)
• The entire US economy itself operates at a massive deficit. How does it pay for things? It borrows money from rivals like China. (William Greider hits this in “Market Orthodoxy is Breaking Down?” )
The coolest part of 10%+ money supply growth annually will be the triumphant return of these bad boys.
With Grover Cleveland as “G”
James Madison
And Introducing Salmon P. Chase
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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.