In the face of the things like the , the scare, the , and other disasters that eroded the notional value of financial paper, homeownership itself was… - James Howard Kunstler

" "

In the face of the things like the , the scare, the , and other disasters that eroded the notional value of financial paper, homeownership itself was now turned into a magical generator of unearned riches for both borrowers and lenders. It was consistent with the Las Vegas-ization of the national moral sense, chiefly the increasingly popular belief at every level of American life that it really was possible to get something for nothing. Anyone could see this in the easy public acceptance of gambling as okay and the proliferation of casinos everywhere in the land. Not even the evangelical Christians seemed to mind. There is no such thing as intrinsic value in a house. A huge percentage of the public has now put its net worth into something that… isn't an investment. Apart from false econometrics of rising house valuations and the leverage that affords for raising cash within the context of the current lending rackets, a house is much more of a consumer product than an investment, especially the kind of houses built in recent decades in America, namely stapled-together boxes made of particle board and plastic cladding that require continual reinvestment in petty cash and labor for upkeep, and will probably not hold their value, even if well cared for, because of poor locational choices. A house on a one-acre lot in a subdivision in , thirty-two miles from downtown Washington, […] a magnificent thing to behold today, with a soaring lawyer foyer entrance, a restaurant-grade kitchen, and an inground pool out back. But if there is less gasoline to power up the fleet of cars necessary to service it, and no natural gas to heat the thousand-square-foot cathedral-ceilinged lawyer foyer, then chances are that the house is going to be a liability rather than an asset.

English
Collect this quote

About James Howard Kunstler

James Howard Kunstler (born October 19, 1948, New York City, New York) is an American author, social critic, public speaker, and blogger.

Works in ChatGPT, Claude, or Any AI

Add semantic quote search to your AI assistant via MCP. One command setup.

Related quotes. More quotes will automatically load as you scroll down, or you can use the load more buttons.

Additional quotes by James Howard Kunstler

The denial about [the] global peak in the United States is already fierce, as investments in car-dependent, oil-addicted infrastructure are greater here than in any other nation and Americans consider their way of life a[n]… entitlement. […] The economic... [struggle] among... all nations, [...] will be considerable and is certain to lead to increasingly desperate competition for diminishing supplies of oil [and every other resource].

In the early twenty-first century farming had all but died out here. We got our food from the supermarket, and not everybody cared where the supermarket got it as long as it was there on the shelves. A few elderly dairymen hung on. Many let their fields and pastures go to scrub. Some sold out to what used to be called developers, and they'd put in five or ten poorly built houses. Now, […] there were far fewer people, and many houses outside [the] town were being taken down for their materials. Farming was back. That was the only way we got food.

Go Premium

Support Quotewise while enjoying an ad-free experience and premium features.

View Plans
We are already experiencing huge cost externalities from population hypergrowth and profligate fossil fuel use in the form of environmental devastation. Of the earth’s estimated 10 million species, 300,000 have vanished in the past fifty years. Each year, 3,000 to 30,000 species become extinct, an all-time high for the last 65 million years. Within one hundred years, between one-third and two-thirds of all birds, animals, plants, and other species will be lost. Nearly 25 percent of the 4,630 known mammal species are now threatened with extinction, along with 34 percent of fish, 25 percent of amphibians, 20 percent of reptiles, and 11 percent of birds. Even more, species are having population declines. Environmental scientists speak of an “omega point” at which the vast interconnected networks of Earth’s ecologies are so weakened that human existence is no longer possible. This is a variant of the die-off theme […], but it does raise grave questions about the ongoing project of civilization. How long might the Long Emergency last? […] Of course, after a while, an emergency becomes the norm and is no longer an emergency.
Global warming is no longer a theory being disputed by political interests, but an established scientific consensus. The possible effects range from events as drastic as a hydrothermal shutdown of the Gulf Stream—meaning a much colder Europe with much-reduced agriculture—to [the] desertification of major world crop-growing areas, to the invasion of temperate regions by diseases formerly limited to the tropics, to the loss of harbor cities all over the world. Whether the cause of global warming is human activity and “greenhouse emissions,” a result of naturally occurring cycles, or a combination of the two, this does not alter the fact that it is having swift and tremendous impacts on civilization and that its effects will contribute greatly to the Long Emergency.

Loading...