Do you want to know why its impossible to develop land in California? Its only partly because of environmentalist extremism. The silent, powerful partners of the environmentalists are Wall Street speculators, including the public employee pension funds who provide the largest pool of investment capital in the U.S. Because these financial interests need asset bubbles to deliver returns to the pension funds and commissions and bonuses to Wall Street firms. By artificially inflating the price of housing, and energy, and water, and virtually everything else that uses what are actually abundant natural resources, asset values appreciate faster, allowing higher returns on investments, and more collateral for debt. Texas, who the left derides as controlled by oligarchs, is actually an affordable state where working people can afford homes. California, on the other hand, is controlled by public sector unions who hide behind environmentalism to fund their pensions and their payroll. What? Make less money and work harder? Thats what allocating public funds to infrastructure would entail. Better to just elevate pay and pensions for public workers, and say youre neglecting development in order to save the planet.
Posted on: Wed, 21 May 2014 21:46:28 +0000
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