From Fabius Maximus:
[emphasis added]
After three years neither the public nor many of our leaders see the driver of the housing crisis: we built too many homes. In some places (e.g., Las Vegas, California’s central valley) far in excess of any real demand. Outmigration from mismanaged and dying urban areas (e.g., Detroit) caused more over-capacity. Supercharging the bubble was the purchase of homes by people who could not afford the prices paid. But overcapacity was the primary driver.
The obvious nature of this statement is lost on Bob Etheridge, who in an act of comedic brilliance (were it not so tragic) campaigned with Brad Miller and touted H.R. 5409, the Residential Construction Lending Act this summer.
Bob Etheridge's solution to excess capacity?... more supply!!
Bob Etheridge, Grade School Economist.
out
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