I keep a weblog like it's still the 90s. For commentary and dissent please visit jontaylor.ca, or various other purveyors of thought online.

Friday, October 2, 2009

Why the recession is here to stay

Why the recession is here to stay - Business - Macleans.ca: "When U.S. marshals put Bernie Madoff’s Long Island mansion on the block last month, few expected much action. Sales of luxury homes have been as dead as the lowly subprime market—and surely the oceanfront playground of a disgraced Ponzi fraudster would be hard to move. Then something astonishing happened. A furious bidding war erupted, and the house sold in mid-September for US$8.75 million in cash, well over the asking price. Madoff’s US$65-billion scam may have embodied all the lying, cheating and greed that got us into the Great Recession, but the frenzy for Bernie’s old digs shows that the froth is back, alive and well."

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