When Will We Learn?
Perhaps it’s a coincidence. As the real estate market is tanking and we are facing a possible recession on our economic horizon, we must recognize that a Bush is at the helm. Of course, President Bush (43) didn’t make the errant loans that led to this market downturn. But, it can’t go without saying that he has been a bystander as the consumers have had to bite the bullet and pack their belongings to move from their homes.
In the late 1980’s just before former President Bush (41) took office, let us not forget “the other” real estate fiasco that hit our country hard. The real estate market tanked along with the Savings & Loans. Wasn’t it Neil Bush who led the failure of Silverado Savings & Loan, the domino that started the complete failure of the Savings & Loan institutions nationwide? Among those who received the benefit of loans that couldn’t or wouldn’t be repaid were Ken Good and Bill Walters and Larry Mizell and others. As Silverado came crashing down, commercial real estate in Denver was selling for pennies on the dollar.
These recipients of real estate loans promptly left Denver, Ken Good leaving behind and in foreclosure a mansion that at that time was valued at over $10M. Where did they go? Well, they moved to Florida and some of those good folks teamed up with Jeb Bush… yep, another Bush brother and former governor of Florida… and set that state into real estate crisis.
Now, President George Bush (43) is watching what must on some level, to quote Yogi Berra, look like “deja vue all over again.”
I wouldn’t try to draw any conclusions or make any correlations. It just seems odd that where there is a Bush, there is a real estate crisis. Of course, that leads me to wonder if anyone has taken a look at their real estate holdings?
Mama always told me where there’s smoke there’s fire. And the Bushes are burning.