Empire of debt
ML - The way the world works - analyzing how things work - A podcast by David Nishimoto
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Many people believe a house is an investment and safer and more profitable than stocks. A house is not a profit center, but a cost center. Each month money must be spent on a house. A house produces nothing; it has no revenues; and no profits are earned. You never hear of a factory being built with increases in house prices. Nor can housing be exported reducing the trade deficit. However, much of the meager savings and massive borrowing is going into housing.