26 October 2011

Building Types That Caused the Recession

“We built the wrong product in the wrong location, and nobody wants it any more, that’s the reason for the housing crisis, and therefore the mortgage crisis, and therefore the Great Recession.”

“A number of things are positive about recessions – and this is for all recessions – and one is that it gives businesses a chance to rethink their strategy, they’re forced to rethink their strategy,” he says. “That’s a very positive thing. Now will those old dogs learn new tricks? Some have, some won’t. And those that don’t will go bankrupt after their federal stimulus money runs out.”

- The Atlantic Cities

1 comment:

Anonymous said...

While this may not be fair of me because I'm not following the link, and while I certainly think we built too many McMansions sprawled out all over the place, I think it's pretty well-established that what caused the recession was Wall Street gone wild, with all kinds of crazy bets on crazy bets.

Blue Ash Mom