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Austrian Trade Cycle Theory — The Video



Newly constructed home in Victorville, CA north of Los Angeles being demolished by the Guaranty Bank of Irvine. From the news story:

A Guaranty Bank official, Real Estate Officer Dean Smith .. said it was a choice of pumping their own money into property site improvements and additional money to bring the home up to code or tear down the 16 homes ..

Our only option is to either proceed with putting more than a million bucks into the land, which we’ve already taken a huge hit on and lost a lot of money, or, we tear down the houses, Smith said.