G
Guest106
Guest
Anyone wishing to glean some insight into how a building boom that's embraced by all can turn into a runaway rollercoaster destined for disaster practically overnight can do no better than get a copy of "The Daisy Chain" by James O'Shea (Publr: Simon & Schuster).
This book has been around for the past decade or more and relates how in the State of Texas in the early 1990's a colossal oversupply of building projects resulted in a situation at one stage when at least 10,000 apartments were on the Real Estate market with no buyers and led on to what was described as the biggest 'fraud in USA history'.
Government bailouts ensued without any definitive account ever being made available as to the extent thereof. The cost extent of the disaster was reckoned to be of the order of $500Billion and it involved bank managers, accountants, financiers, lawyers, developers. town planners, and a whole plethora of professionals who did not embark on lives of crime but ended up tainted nevertheless when the smoke had cleared because they had allowed themselves to be sucked in to 'the chance of a lifetime'.
One of the government bailouts (for $1.3Billion was for a bank operated by a certain Neil Bush.....now who might he be connected to ?
This is a cracking read with many parallels for Ireland's current economic situation. It's an experience to read this book at this time.
This book has been around for the past decade or more and relates how in the State of Texas in the early 1990's a colossal oversupply of building projects resulted in a situation at one stage when at least 10,000 apartments were on the Real Estate market with no buyers and led on to what was described as the biggest 'fraud in USA history'.
Government bailouts ensued without any definitive account ever being made available as to the extent thereof. The cost extent of the disaster was reckoned to be of the order of $500Billion and it involved bank managers, accountants, financiers, lawyers, developers. town planners, and a whole plethora of professionals who did not embark on lives of crime but ended up tainted nevertheless when the smoke had cleared because they had allowed themselves to be sucked in to 'the chance of a lifetime'.
One of the government bailouts (for $1.3Billion was for a bank operated by a certain Neil Bush.....now who might he be connected to ?
This is a cracking read with many parallels for Ireland's current economic situation. It's an experience to read this book at this time.