Tuesday, July 28, 2015
Jeb Bush has bad karma from his performance as Florida's governor during housing bubble and bust, sacking middle class with debt and upsidedown homes
Jim Tankersley has a “damning” article about the policies of Jeb Bush when he was governor of Florida. The title is “Under Jeb Bush (43rd governor of Florida from 1999 to 2007), housing prices fueled Florida’s boom. Then it all went bust,” link here.
The end result was the transfer of wealth from the “middling” class to Wall Street, and the saddling or ordinary homeowners with debt and underwater mortgages.
I could see and hear some of this driving around central Florida in a rental car on a recent trip to see Disney and Universal near Orlando. News casters (coming into the hotel room on an LG screen) still talked about local housing issues a lot. Disney and Universal seemed to be supplying all the jobs in the area, a lot of them entry level. Oh, there are a few banks like SunTrust (as in the movie “Paper Towns”, set in Orlando, a city (238,000) whose table flat sprawl never ends).
I sometimes got unsolicited calls in the middle 2000’s to sell mortgages and financial products. People thought I was “unsociable” and didn’t like to approach and “help people.” Is selling pyramid schemes really helping people?
Of course, we all know that the subprime recklessness, and then the unregulated “securitization” of mortgages (with credit default swaps) led to the Crash of 2008, “repaired” by George W. Bush’s (and then Obama’s) bailout, which critics call “socialism” for banks and their investors. I remember the Sunday afternoon in September 2008 when it happened, being on line and emailing people.
Residents of Florida also are subject to increased risks of sinkholes and of hurricane damage. Newer condo developments are said to be hurricane and tornado resistant. But with climate change, Florida faces the idea of building seawalls, it would seem, or of massive engineering projects to pump out sea water.
Actor Reid Ewing, who grew up in South Florida, tweeted the same observation about Jeb Bush’s performance (ruining the middle class in Florida) some time back, just as “those Republicans” got going.
The GOP candidates have been embarrassed by their own boorish behavior and reckless statements (as with Trump and Christie, who fight over Train’s “Bulletproof Picasso” quote, “I say what I mean and mean what I say”. Marco Rubio may be staying above all this (and looking rather young in his 40s, rather like a movie star himself). The Democrats have their own problems, with Hillary Clinton’s email-gate. Libertarian candidate and mathematics educator Arvin Vohra from Maryland has turned 35 and is old enough to run for president.