philadelphia: Philadelphia 2000 to 2009 Had Its Share of Real Estate Slippery Slopes: Ponzi Schemes and Smooth Talking Swindlers - 01/24/10 04:38 AM
That fatal slide occurred in the first half of the decade at American Business Financial Services Inc., a subprime-mortgage lender in Philadelphia that went bust in 2005 with losses of $700 million for thousands of mostly elderly mom-and-pop investors.
“If forced to choose one phrase to describe the U.S. economy in the 21st century's first decade, ‘Ponzi scheme’ would not be bad,” posed professor Frankel.
The bubble in real estate values that defined the period was not a Ponzi scheme in the traditional sense, but it still depended on taking money from one party to pay another.
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