I gather that the S&L and mortgage lending companies were in operation simultaneously at one time, however the fact that the complete failure of the S&L sector didn’t make Fannie Mae and Freddie Mac a little more discerning in their lending efforts is totally outrageous. “The Hallucinated Economy” as Kunstler puts it, is definitely the right way to describe this phenomenon. To place value in what the author describes as, “... stapled-together boxes made of particleboard and plastic cladding that require continual reinvestment in petty cash and labor for upkeep…” seems absurd when one takes a step back and truly thinks about the true value of something like a McMansion (229). Why are Americans placing value on symbols of opulence rather than the supplies needed to keep our families fed, clothed, and safe from the elements? For someone to work in theoretical money to have stockpiles of theoretical money makes no sense when one cannot eat it, put it on their body, or shield themselves from the elements with it. Yet it seems that’s what the vast majority of people are
I gather that the S&L and mortgage lending companies were in operation simultaneously at one time, however the fact that the complete failure of the S&L sector didn’t make Fannie Mae and Freddie Mac a little more discerning in their lending efforts is totally outrageous. “The Hallucinated Economy” as Kunstler puts it, is definitely the right way to describe this phenomenon. To place value in what the author describes as, “... stapled-together boxes made of particleboard and plastic cladding that require continual reinvestment in petty cash and labor for upkeep…” seems absurd when one takes a step back and truly thinks about the true value of something like a McMansion (229). Why are Americans placing value on symbols of opulence rather than the supplies needed to keep our families fed, clothed, and safe from the elements? For someone to work in theoretical money to have stockpiles of theoretical money makes no sense when one cannot eat it, put it on their body, or shield themselves from the elements with it. Yet it seems that’s what the vast majority of people are