A Texas bank knocks down foreclosed houses in Southern California because it would cost more to finish the development than the houses could be sold for. My guess is, a lot more. That is, Greenspan’s boom has led to houses having negative value. It’s a metaphor for what the Fed does to the whole economy, and this time, the whole world. BTW, didn’t banks once upon a time loan in their own areas, where they could keep an eye on the collateral? There is boom insanity all around, I guess. And note that this only became an MSM story because the video was posted on the web by Ron Paul supporters. (Thanks to Bill Barnett and the Mises list)

The Best of Llewellyn H. Rockwell, Jr.