When we say "real estate bubble," we immediately think of the American bubble. We think of years through which housing prices rose and rose, only to suddenly collapse, leaving people impoverished. We think of the collapse of the financial system that financed the real estate bubble. We think of the huge segment of the public that believed housing prices could only go up, and of the banks and credit...
- By maltiel
- 25 Nov 2012
- 01:27PM
Great read, and well stated. Israel always lacks the rest of the world during economic downturns... our turn is coming. For a country as small as us to think we can survive on the small population of low-wage workers is arrogant. The super wealthy want to live large like their US counterparts, and forget that the structure of our country is different. We can't consume like Americans and Europeans can... we don't have the cash flow. Salary raises (>10% across the board) would go a long way to help adjusting. But higher taxation of the wealthy (+40k/month) would probably help more.
thank you
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