magicbeans
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A pyramid scheme is a non-sustainable business model that involves the exchange of money primarily for enrolling other people into the scheme, without any product or service being delivered.
As there was actual products for value involved (land , houses) then it's not a pyramid scheme
Where does public sector wages come from?- We'll all back to the 80's where the country largely depended on the public sector wages to keep the economy going (i.e. nurses, teachers, guards spending on service industry's, buying homes etc.)
Now then, the FR hasn't done such a bad job you knowWhere was the financial regulator, the central bank and the minister for finance when all this was happening?
Pyramid Scheme describes it perfectly. Whilst the initial item is a product, its increase in price, which was the real driver, came from no added value or product whatsoever and was sustained by a belief that it would continue to increase in price with no value being added.As there was actual products for value involved (land , houses) then it's not a pyramid scheme
I have read a survey that makes a very good case, that zoning regulation, is the ultimate cause of high house prices. i.e. supply of land for building.
Large developers were allowed buy up land around all our towns and cities.
And with your list, you have it exactly rightI don't believe it acted like a pyramid scheme. Such schemes involve trickery where only the very early incumbents make a profit.
I don't recall banks / building societies tricking anyone into taking a mortgage. The real build up of house prices came from a comnbination of one or more of the following:
a)
You don't need trickery when you have stupidity.I don't believe it acted like a pyramid scheme. Such schemes involve trickery where only the very early incumbents make a profit.
I don't recall banks / building societies tricking anyone into taking a mortgage. The real build up of house prices came from a comnbination of one or more of the following:
a)
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