WashingTongue Post Hole

It's all about peace and justice. Anti-war, yes, but more than that. It is about thinking for yourself, deinstutionalzing, taking the military out of the hands of corrupt leader. Together we can make it happen.

Friday, February 01, 2008

Michael T. Klare | How Oil Burst the American Bubble

or how gullible Americans but the big lie.

The great economic mega-bubble arose in the late 1990s, when oil was cheap, times were good, and millions of middle-class families aspired to realize the "American dream" by buying a three (or more) bedroom house on a decent piece of property in a nice, safe suburb with good schools and various other amenities. The hitch: Few such affordable homes were available for sale - or being built - within easy commuting range of major metropolitan areas or near public transportation. In the Los Angeles metropolitan area, for example, the median sale price of existing homes rose from $290,000 in 2002 to $446,400 in 2004; similar increases were posted in other major cities and in their older, more desirable suburbs.

The rest of the story: Michael T. Klare | How Oil Burst the American Bubble


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