We received this morning a quote from Margaret Thatcher:
The problem with socialism is that you eventually run out of other people's money.
It is an extremely well-crafted statement, a veritable capitalist proverb.
However, the problem with a speculative real estate boom is that you also eventually run out of other people's money, whereupon, having privatized the profits, you socialize the debt.
However, another problem with socialism Thatcher did not mention is that, depending on the year, sometimes California agribusiness runs out of the public's water.