Hey there! Long time no blog. Well, I was away for about a month and such.
The U.S. government is about to spend $1,000,000,000,000 or so buying up "toxic sludge," much of which finds its physical form (in however convoluted a manner) as now-worthless suburban sprawl. What if the nation had, ten years ago, decided that we spend a trillion dollars along these principles instead? Would we be better off today? Now, just how efficient are markets at optimally allocating capital again?
(This poster is on the side of the Denver Dry Goods building, an early rehab completed by Jonathan Rose Companies.)