Taking on the biggest Ponzi of all: housing
A University of South Florida professor, quoted in The New Yorker explaining what went wrong with Florida's housing market, used a now familiar term.
"Florida, in some ways, resembles a modern Ponzi scheme," Gary Mormino said. "Everything is fine for me if a thousand newcomers come tomorrow."
The buyers did come for years. But when the Ponzi scheme ran out of new suckers to pay the absurd prices, it all collapsed. SH_T
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