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Notes -
4. Many home owners analysis the social collapse as a scam. The way that the scam is theorized to work is this: First engineer social decline. This reduces the price of office blocks. Second, buy a $300million office block for $60million. Third, reverse course on social decline. Fourth, patience, it takes a while for your "$60million" office block to be worth $300million again. Fifth, sell, and walk away with $240million profit.
The home owners don't want to be victims of this scam. They don't want to sell cheap at the bottom of the market, only to see prices recover as part of some-one else's plan. Perhaps too many people are in on the scam and they are propping up the housing market. Perhaps they are not in on the scam, they have merely noticed the avarice and evil of American political economy and feel confident in guessing what is going on. Perhaps it isn't even a scam, it is just that with American political economy being so avaricious and evil, people assume that its a scam. The realization, that social dynamics are playing out with no-one in charge and exercising agency, has yet to dawn.
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