Sean in CA

The Great American Ponzi Scheme (Part I)

Let's not forget the role the various forms of media played in this debacle.
Locally, the Modesto Bee, which thanks to ad revenue is firmly in the pocket of the local real estate kingpins, would print article after article on rising home prices and how people didn't need to leave their homes and earn 60k a year just pulling out equity. This happened throughout the beginning of the boom years and until the bust was too big to smear propaganda over. Every so often, usually before more dismal housing stats are officially released, The Bee will run a puff-piece saying how "now is the time to buy". Don't even get me started on those house flipping "reality" shows on TV. The financial sector is responsible for this massive fraud, but the news media is responsible for putting it on our kitchen table, and bringing it into our living rooms.