Last night I drove through Shenandoah, a neighborhood in Davie, FL decorated with households that live generously off an average income of about $100,000 a year.
Most of the properties are single-family residences with in-ground swimming pools, two-car garages, and asphalt shingle roofs. That said, most of the vehicles inside the garages are leased, and most of the homeowners inside the residences have mortgages that legally make them indentured servants to their banks until principle and interest are paid in full.
A difficult proposition considering that, like the rest of South Florida and most of the country, Shenandoah properties have declined severely in market value over the past year and a half. In general, a Shenandoah single-family home built in the late 1980s with 1,500 SF under air is now stagnant on the market for $225,000, whereas three years ago – when all you needed was a pulse and a mortgage broker to become a homeowner – a property like this easily fetched $425,000.
It was here in Shenandoah that I saw a Ron Paul sign standing in a front lawn, left over from the 2008 primaries like the fragments of a family’s ideal America.
I didn’t know much about the congressman from Texas until this video clip, where I quickly learned that he is an M.D. who takes an avid interest in the economy and has published no less than two books. He does not like Keynesian economics, he believes the dollar will be the next bubble to burst, and he is certain that all of this is not the fault of capitalism.
He also doesn’t buy into this whole stimulus/spending package. What do you think?