Blame Television for the Bubble
Opinion JANUARY 3 2009
THE WALL STREET JOURNAL
By JIM SOLLISC
The real housing villain is on cable.
So now we know what happens when too many people who have too few assets buy too much house with the help of too many risky mortgage products and too little oversight. And while there's plenty of blame to go around -- unethical mortgage brokers, greedy bankers and irresponsible homeowners -- one culprit continues to get off scot-free: HGTV.
That's right. The cable network HGTV is the real villain of the economic meltdown. As the viewership reached a critical mass over the past decade -- HGTV is now broadcast into 91 million homes -- homeowners began experiencing deep angst. Suddenly no one but the most slovenly and unambitious were satisfied with their houses. It didn't matter if you lived in an apartment or a gated community, one episode of "House Hunters" or "What's My House Worth?" and you were convinced you needed more. More square feet. More granite. More stainless steel appliances. More landscaping. More media rooms. More style. You deserved it.
If you had any doubts about your ability to afford such luxuries, all you had to do was look at the 20-something couple in the latest episode choosing between three houses. Should they go for the fixer-upper, priced at $425,000? Or the one with the pool for $550,000? What about the one with room to grow for $675,000?
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