FROM LEVITTOWN TO MELTDOWN SUBURBIA, SECURITIES & SUSTAINABILITY. A MORALITY POWER POINT ON THE ROLE OF HOUSING IN OUR LIVES, THE HISTORY OF U.S. HOUSING, THE FINANCIAL CRISIS OF CAPITALISM…. AND THE POSSIBLE POLITICS OF SUSTAINABILITY Jan Breidenbach MAP Colloquium Presentation
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FROM LEVITTOWN TO MELTDOWN
SUBURBIA, SECURITIES &
A MORALITY POWER POINT ON THE ROLE OF HOUSING IN OUR LIVES, THE HISTORY OF U.S. HOUSING, THE FINANCIAL CRISIS OF CAPITALISM…. AND THE POSSIBLE POLITICS OF SUSTAINABILITY
MAP Colloquium Presentation
November 9, 2008
AND WHAT ARE THEY DOING IN MY HOUSE?
WHAT ROLE DO THEY PLAY IN THE LARGER POLITICAL ECONOMY?
WHAT DO THEY HAVE TO DO WITH A POLITICS OF SUSTAINABILITY?
“Is it not true...that men in general, in every society,
who are wholly destitute of property, are… too
dependent on other men to have a will of their own?
….very few men who have no property, have any
Judgment of their own.”
Got housing construction up and running but created: “… the illusion of ownership through the reality of debt”
WHO NEEDS SUSTAINABLE?
WE’VE GOT SUBURBIA…..
Elements of Suburbia……or a “little box” of unsustainability
All held together by:
WINDS OF CHANGE….
Birth of Neoliberalism… 1978 - 1980
The Big Shift: 1980-1990:
END THE CENTURY WITH A BANG…
1999: Congress passes Financial Services Modernization Act which repeals Glass-Steagall Act of 1933
2000: Congress passes the Commodities Futures Modernization Act (added to the spending bill in 12/00, the last bill before Bush takes office) and repeals earlier laws outlawing Bucket Shops (betting).
Financial Services Modernization Act (repeals Glass-Steagall) 1999
Glass Steagall (was really two acts)
COMMODITIES FUTURES MODERNIZATION ACT 2000
1990s had offered capital accumulation a recession, dot-com bubble and bust.
A perfect match for the new millennium
ANATOMY OF SUBPRIME LOAN
SONS OF SUBPRIME…
MARCH – OCTOBER 2008
The ecology of housing:
Jan Breidenbach is Adjunct Associate Professor in the School of Policy, Planning and Development at the University of Southern California. She can be reached at [email protected]