How the Tech Boom Terminated California’s Economy
This article, by FastCompany staff writer Douglas Rushkoff, appeared in the July 10 issue of Fastcompany.com. It offers one of the most unique — and, perhaps, controversial — views I’ve encountered regarding our current economic difficulties.
In essence, Rushkoff argues that after the dot-bust, there was nowhere for all the Fed-created bank money to go, so Alan Greenspan okayed making residential real estate the asset class to receive all this money chasing a destination. That way, the banks could continue lending, speculators could continue speculating, etc.
I’m real interested in your reactions to Rushkoff’s case, particularly those of you in CA or associated with the technology industry there.
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