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Both interesting and depressing. No matter who you think should ultimately take the blame for the housing crash, it's easy to forget how many people other than
by pseudonym 15y ago
Both interesting and depressing. No matter who you think should ultimately take the blame for the housing crash, it's easy to forget how many people other than just the homeowners are affected by this crap.
- mirkules 15y agoThe irony, of course, is that people's economic hardships are creating jobs. Which means there's enough money in foreclosures alone to warrant having an employee to evaluate the extent of foreclosures. It's sickening.
- jerf 15y agoBroken window fallacy. Jobs aren't really being created. The people in question are doing the economy a service by facilitating the correct valuations of these assets, so their jobs are bringing value to the economy, but it's value they shouldn't have had to bring in the first place. The net impact on the amount of wealth in society is still hugely negative, as is the "jobs" impact. (These people are the cleanup crew, in the "broken window fallacy" story they are the ones making the new windows and installing them. They aren't the ones who broke the window.)
- mirkules 15y agoI don't quite understand the fallacy. If there is a spike in broken windows -- more than the cleanup crew can handle -- new people need to be hired. How is this not creating new jobs?