Cheap money in the last decade has meant good times for companies that barely make money and hire employees who barely work. But those times are now ending.
Contrary to myth, businesses can't just set prices at whatever level they want. "Greedy" capitalists can ask for higher prices, but prices mean little if people are unable or unwilling to pay them.
The dollar's petrodollar status has led the Federal Reserve to irresponsibly inflate the currency. The rest of the world has noticed and is looking for alternatives.
Home price growth of the sort we've seen in recent years simply cannot be sustained without a continued commitment to easy money from the central bank, and it shows.
More than forty years ago, California voters enthusiastically passed Proposition 13, which limited property tax hikes. Politicians have been lying about it ever since.
