Keeping a jaundiced eye on the corporate media.
May 8th, 2008 at 3:41 pm by Susie
Link:
Jay Butler, who teaches real estate at Arizona State University, said of the builders, “They really weren’t building homes. They were building mortgages that they could put into mortgage-backed securities in order to sell them to investors in China and France.“
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This reminds me of learning that GM turned into a loan company instead of a car mftr sometime in the past decade or so. There’s more money in financing the car than selling it.
And thanks for the link.
Damn, someone in this “country” is awake.
Anyone out there an “Arrested Development” fan? I just watched the whole series this past winter. So tongue in cheek but what makes it funny is that much of the story line has a kernel of truth in it. What an ethical void…