Wolf continues covering the ups and downs of the destructive housing bomb, especially in Frisco. As a Frisco dude, Wolf thinks it’s all wonderful because everything that happens in Frisco is wonderful, and DON’T CALL IT FRISCO!
Nevertheless, he does explain how housing responds to tech fraud booms and helps to cause tech fraud busts. When tech frauds are booming, house prices go exponential along with Share Value. Soon the housing is unaffordable even for the wildly overpaid fraud employees, so the tech companies either move to Texas or shut down, generating the tax loss that was the sole reason for starting the company.
This is NOT how things worked before Share Value ruined the country in 1980.
Company towns had good homes with affordable prices for the relatively well-paid factory or office workers of the dominant company. In some places the company built the houses. When the company was a government project like a dam, the government built the houses. In every town the company could pass laws or exert economic pressure on greedy landlords to insure that its workers were able to live well and raise families. Secure and attractive neighborhoods insured LOYAL employees who felt good about the company, and thus worked more efficiently without constant turnover and training.
Tech companies don’t WANT employees or customers or products.
They only want exponential Share Value, and the simplest way to achieve an exponential is with pure math and stock manipulation.
Polistra's Mill 