{"id":32974,"date":"2012-06-11T02:00:43","date_gmt":"2012-06-11T02:00:43","guid":{"rendered":"http:\/\/127.0.0.1\/site\/2017\/2\/1985\/smh_robert_tornabell-real_estate_frenzy_of_the_90s_has_come_back_to_haunt_\/"},"modified":"2012-06-11T02:00:43","modified_gmt":"2012-06-11T02:00:43","slug":"smh_robert_tornabell-real_estate_frenzy_of_the_90s_has_come_back_to_haunt_","status":"publish","type":"post","link":"https:\/\/kendallharmon.net\/?p=32974","title":{"rendered":"(SMH) Robert Tornabell&#8211;Real estate frenzy of the &#39;90s has come back to haunt Spain&#39;s banks"},"content":{"rendered":"<p>Spain&#8217;s banking crisis did not come out of the blue.<\/p>\n<p>In the 1990s, the Spanish suffered a bout of collective madness. Interest rates fell from 14 per cent (with the peseta) to 4 per cent (with the euro) in a matter of weeks.<\/p>\n<p>In 1998, the centre-right government passed a law that increased the amount of land for development. Developers got rich, selling the idea that property would always go up in value. You could buy a flat on the Mediterranean for $156,000 and sell it the next day for $234,000; by the end of the month it would be worth $390,000&#8230;..<\/p>\n<p><a href=\"http:\/\/www.smh.com.au\/opinion\/politics\/real-estate-frenzy-of-the-90s-has-come-back-to-haunt-spains-banks-20120610-20473.html\">Read it all<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spain&#8217;s banking crisis did not come out of the blue. In the 1990s, the Spanish suffered a bout of collective madness. Interest rates fell from 14 per cent (with the peseta) to 4 per cent (with the euro) in a<span class=\"ellipsis\">&hellip;<\/span><\/p>\n<div class=\"read-more\"><a href=\"https:\/\/kendallharmon.net\/?p=32974\">Read more &#8250;<\/a><\/div>\n<p><!-- end of .read-more --><\/p>\n","protected":false},"author":794,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,40,50,460,149,200,144,133,600,151,446,585],"tags":[],"class_list":["post-32974","post","type-post","status-publish","format-standard","hentry","category-culture-watch","category-economics-politics","category-international-news-commentary","category-european-sovereign-debt-crisis-of-2010","category-economy","category-europe","category-foreign-relations","category-history","category-housingreal-estate-market","category-politics-in-general","category-spain","category-the-banking-systemsector"],"_links":{"self":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/32974","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/users\/794"}],"replies":[{"embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32974"}],"version-history":[{"count":0,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=\/wp\/v2\/posts\/32974\/revisions"}],"wp:attachment":[{"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32974"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32974"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kendallharmon.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32974"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}