Sunday, November 6, 2011

Ghost Towns: Old Bubbles

One way of looking at ghost towns is that they are the reminders of previous eras of bubbles. Just like we had an Internet and tech stock bubble, real estate bubble, and so on while earlier eras had a gold bubble or a silver bubble.

Lots of people jumped into the same business at the same time with unrealistic expectations, and then came the shakeouts, leaving some whole towns just empty. Guess that's a major difference today. Banking bubbles didn't leave cities vacant. Not whole cities, anyway. Strange thought, eh? At least ironic, I would say.

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