The first seed of our housing troubles began in the late 90s, when borrowing requirements were relaxed in the name of "enabling home ownership"
A rough sketch of the decline of the US
"There are many ways of describing the fiasco of suburbia, but these days I refer to it as the greatest misallocation of resources in the history of the world.
I say this because American suburbia requires an infinite supply of cheap energy in order to function and we have now entered a permanent global energy crisis that will change the whole equation of daily life. Having poured a half-century of our national wealth into a living arrangement with no future — and linked our very identity with it — we have provoked a powerful psychology of previous investment that will make it difficult for us to let go, change our behavior, and make other arrangements."
Elegant resolution to paradox that I had always found frustrating to explain to others (especially econ students!): Why "going shopping" doesn't create any economic well-being.
"Colleges and universities are businesses, and students are a cost item, while research is a profit center."
6 links here
