I'd venture to say this should get more attention than it does. Real estate was local. Glass-steagal (sp?) changed who is valuing the property and from where. Putting pressure on home values based on skewed national or international perspectives that are completely non-local.
I think it's also worth mentioning that these local banks are still bundling and selling mortgages as securities,therefore removing the risk of long term price and payment instability. I find it odd that no one has even mentioned this, given we have just been through the largest financial crisis in generations because of it.
Rings true to me. It also describes my experience as an attorney. What is most disturbing is it is a sign of a broken system. Chef, attorney, journalist, musician, professor, real estate, entrepreneur, etc. The issue is that the system has broken when half the jobs are untenable for anyone lacking a trust fund or ivy education.
