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For an in-depth analysis of all this, with relation to The Great Depression (of 1929), check this from Dr. Housing Bubble.    [Note: if grim notice regarding your imminent future is not your cup of tea, I suggest you skip it.]

But, as it is said, misery loves company, think of my old habitat in Montana, where a recently opened “gated community,” the Yellowstone Club

With members such as former Vice President Dan Quayle and golf pro Annika Sorenstam, the Yellowstone Club has its own private, 2,400-acre ski mountain and a golf course designed by professional golfer Tom Weiskopf. Buyers pay an initiation fee of $250,000 and annual membership dues of $16,000. That’s on top of the $3 million dollars of net worth potential buyers reportedly must prove before they can break ground on a building lot costing between $600,000 and many millions of dollars.

just announced that it is bankrupt, and all those rich folks who put their $$$$$ down to build their multi-million dollar 2-4 weeks a year second (3rd, 4th, 5th?) homes, just lost it.  Awww…..

Apparently it is but one of these gated places for the filthy rich which is on the ropes.  May many more follow.

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2 Comments

  1. I was wondering as to what happens if the present financial crisis turns into a depression (and there are all the indications) but there is a fundamental difference, and that is that all traces of the deep underlying social instincts has been ripped by a progressive and calculative planning to produce the modern self-centered, self seeking selfish-individual who only thinks for itself. (the product of atomic humanism that completes the project charted out by Descartes.) I wonder how is the mass to behave when the sky falls.

    On the other hand this may very well be good for the Americans as the worst hit would be the Third world and as the labor cost nose-dive there, American corporations would be able to maintain the cost of living. (as the cost of goods is directly related to the third world one-dollar-a-day corporate driven sweatshop-culture that sustains the American dream (the wall/mart/street phenomenon).

  2. On the second thought (on where is it going), this may spawn American style radical religious movements that thrive on altruism and social networking as all other alternatives are as good as non-existing the only existing ones would spawn.


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