Floods, Drought, & a Population on the Brink
Several years ago my Dad said something rather prophetic during a family conversation about living in California. A few of us were expressing our reservations about ever moving to a state that was a couple dozen earthquakes away from falling into the ocean. He said “Californians are going to sink themselves long before earthquakes do.” He was referring to the housing market there, where lenders were handing out mortgages like candy. Of course many who followed the financial markets knew what was coming, the writing, as they say, was on the wall. But ordinary Americans were blissfully unaware and lenders liked it that way. The bubble unfortunately hasn’t burst in one catastrophic moment, it seems to be bursting in slow motion, the devastation mounting with each passing month. Read more
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