Wednesday, June 27, 2012
"Build it (at any cost) and they will come"
In a couple of places, including the book American BeheMouth, I reference people who have taken the equity out of their houses at peak prices in order to do something like become a professional tournament fisherman, or to build an addition, or (even worse) to build a baseball field in the backyard. I don't need to say why a move like this is stupid and leads to American bankruptcies. In American BeheMouth, the protagonist, Jay, does the same thing in building his lake, going into credit card debt to finance the "dream."
We have to start living within our means. I am afraid we are going to discover more economic bubbles with some of these dumb moves in professional sports, as well as in our cities, states, and federal government.
Read the book, American BeheMouth, in paperback.
Read the EBook.