facebook
twitter
rss
account
search
search
 

Historian: Housing bubble like silver rush

Aug. 26, 2009 at 3:24 PM   |   Comments

DAVIS, Calif., Aug. 26 (UPI) -- A University of California anthropologist says her study of 19th-century silver prospectors sheds light on the recent bubble in the U.S. housing market.

Susan Glover, who recently received a Ph.D. from University of California-Davis, in a report published in the journal Human Ecology, looked at the relationship between what was reported in contemporary local newspapers and the strategy used by prospectors in Gothic, Colo. She found news reports tended to overstate what prospectors could find and understate the risks.

Glover suggests the newspapers themselves were misinformed and not deliberately passing on false information. She also said the newspapers reflected the kind of information passed on informally in saloons.

She compared the 19th-century silver rush in Colorado to the dot-com boom of the late 1990s and the housing bubble that brought on the current global financial meltdown.

She said overoptimistic information in the news media and from informal networks over-exaggerated payoffs while underplaying the risks.

© 2009 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Shark attacks surfer at Santa Cruz beach Shark attacks surfer at Santa Cruz beach
2
Identical twin linked to 2004 rapes by new DNA test Identical twin linked to 2004 rapes by new DNA test
3
The FBI announces completion of facial recognition program The FBI announces completion of facial recognition program
4
Ohio school bus driver killed saving girl Ohio school bus driver killed saving girl
5
New York state may legalize recreational marijuana by next year New York state may legalize recreational marijuana by next year
Trending News
Video
x
Feedback