I was reading today in the NY Times trying to catch up with the great mortgage debacle going on and was reminded of studying about a similar event in Florida in the 1920's which predated the Depression for a few years. Along with the booming US economy during this time, Florida became basically awash in money, deals and land speculation...similar yet different to today's deals, speculation and money-making in the subprime mortgage market. History will repeat folks...not exactly the same, but in many ways different. Times change, events change, but people's motivations (greed?) and speculative assumptions will always be around. Not trying to paint everyone and everything with a big brush of dishonesty, I'm just struck by many parallels. Follow the links below for some great background and resources to help you learn more.
Link: Only Yesterday by Frederick Lewis Allen
Link: Short Background on the 1920's boom
Link: Wikipedia's entry for the Florida Land Boom
23 January 2008
The Great Florida Land Boom of the 1920's Revisited Today?
Posted by Tony at 1:31 PM
Labels: Depression, financial markets, Florida, Great Depression, mortgage, speculation, subprime mortgage, US History
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