Letting millions of homeowners buy real estate they can’t afford with mortgages they can never pay back is a surefire road to mass defaults that can cripple the banking system. When a little housing bubble declined in the early 1990s, the U.S. banking system seized up. That response to the downside of that minor real estate cycle was a Gran Mal seizure compared to the massive stoke that the banking system is likely to suffer on the back end of this wild real estate freak show.
Copy writers always amaze me. "Gran Mal seizure" in banking and a "real estate freak show" – you just can’t get better than that when trying to make a passionate point on the Federal Reserve!
But it is not all good. iTulip comes back to life with 1997 technology. Discussion boards? Three strikes rules? No meta moderation or trackbacks or just plain comments. It’s like iTulip doesn’t know blogs exist yet. Kind of odd actually. But great copy.