The slow collapse of America's economic might
Armstrong Williams | 1/19/2012, 3:41 p.m.
Real estate seemed perfect and became the new bankable industry that would turn the early, drastic miscalculations around and once again set this country on firm financial ground. It was among the most tangible of all assets and historically one of the safest investments...or so it seemed.
During the first decade of the first century of the new millennium, America bore witness to a viral explosion in real estate investment, fueled by a seemingly perfect and lucrative storm of events: low mortgage rates and an abandonment of the equity markets. The nation created a new market overnight to continue the necessary growth in the United States, all with one simple key ingredient component: home mortgage debt.
In the blink of an eye, American consumers, companies and investment markets shifted from an investment practice and equity-oriented philosophy that had characterized the dot-com era to a debt-fueled runaway train with no end in sight.
Armstrong Williams content can be found on RightSideWire.com. He is also the author of the new book "Reawakening Virtues." Listen to him daily on Sirius Power 128, 7-8 p.m. and 4-5 a.m., Monday through Friday. Become a fan on Facebook at www.facebook.com/arightside and follow him on Twitter at www.twitter.com/arightside.