Cause of the Banking Meltdown? Suburbia, Says Kunstler
James Howard Kunstler criticizes a recent New Yorker article that failed to consider the American pattern of suburban development as the cause of the banking crisis.
"It was the worthlessness of the tradable securitized debt associated with all those overpriced (and overvalued) chipboard and vinyl houses, smeared recklessly over the American landscape, that started all the trouble in the first place. And it is our inability to come to grips with that underlying catastrophe that prolongs the resolution of the still-florid banking crisis -- since the federal government is doing everything possible to prop up the failed capital equation of terminal suburbia, and to deny the obsolescence of that version of the American Dream and all the mechanisms for delivering it."
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Published on Tuesday, September 22, 2009 in
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