We hoped for accountability after 2007, from the Federal Reserve to the small cogs of the Growth Machine like US Century Bank, the worst performing bank in the state -- measured by TARP funding -- that nevertheless continued to promote itself as though nothing had happened.
We hoped for accountability, to re-arrange our economic priorities. We were right to hope for change, we were wrong to expect it.
This week, Weekly Condo Vultures Market Intelligence Report features "Boom Time: 139th New Condo Tower Proposed For South Florida Coast Since Crash".
Judging from the rising confidence of homebuilders, the spring is back in the step of the Great Destroyers. How is that possible?
For one, Ben Bernanke at the helm of the Federal Reserve prevailed in maintaining the lowest benchmark interest rate -- available only to the banks -- in US history. The banks, in turn, used the last five years to repair their balance sheets by lending to qualified consumers at many times the cost of their funds. (If you were unqualified, good luck.)
The flood of money in the economic system created momentum to halt the slide and reverse housing prices in some of the hardest hit, formerly fast-growing parts of the nation.
But obtaining home owner insurance, at least in Florida, is a nightmare. Altogether, quite a fix we are in, notwithstanding the glimmer of a boom.