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Monday, July 17, 2006

New Enonomy: selling each other houses

Rich Toscano, author and founder of Piggington's Almanac for the Landed Poor, was interviewed by the LA Times in today's piece. He is quoted on page 2 of the article.

"We've built an entire economy on selling each other homes." - Rich Toscano

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7 comments:

Lake Hills Renter said...

FYI, your link is to page 2 of the article.

S Crow said...

Thks

Anonymous said...

Paul Krugman said it first.

Anonymous said...

Rich's new found fame got to his head.

Anonymous said...

Haven't built an entire economy around selling each other lots of stuff? Isn't an economy defined by exchanging goods and services? It is like saying we built an entire economy around buying and selling oil.

betamax said...

The difference is that we've gone from building up an economy based on the vastly diversified production and exchange of goods and services, to economic growth based substantially on selling houses, which produce nothing further once built. Economically, housing growth has definite limits and is therefore a dead end.

Trees don't grow to the sky, etc.

sue said...

Interesting that some people think this could be a model for a sound economy. (Anon 7:18?)

I guess we'll find out in the next few quarters just how sound a model it is and whether we'd like to stick with it or not in the US.

Something that Anon 7:18 may want to take a look at is how it's working in the places in the US where it's beginning to break down.