The Other Firestorm

While catastrophic, the California fires will not have nearly the destructive impact as the other firestorm still in progress: the subprime meltdown.

2 minute read

October 30, 2007, 9:00 AM PDT

By Michael Dudley


"In all 1800 homes were destroyed in California as of Friday. A half a million acres had been consumed. Those responsible for containing the damage blamed the weather in the short term and climate change in the longer term as well as earlier fire-fighting techniques. This disaster is expected to cost $1 billion dollars.

Yet, [the] pervasive subprime mortgage fraud...threatens to lead to far more homes lost, not 1800, but an estimated two and a half million. (The LA Times says foreclosures in California are at a record high. The third quarter's total surpasses 24,000, which is a record.) More homes are at risk in the fires that have yet to be contained.

Its hard to predict how many of these people will get sick or die because of psychological disorientation and homelessness. Many of them are poor, while those scarred by the fire lived largely in affluent communities.

Senator Chris Dodd, chairman of the Senate Banking Committee characterized the subprime crisis as a "50 State Katrina."

...So by all means let's be supportive towards the fire victims who have lost their homes in California's "natural" disaster -- and those that may in fires that may soon have Texas burning -- but we should so so without forgetting the millions of Americans who will soon lose their homes and their economic stability in Wall Street's man-made storm."

Monday, October 29, 2007 in The Huffington Post

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Red 1972 Ford Pinto with black racing stripes on display with man sitting in driver's seat.

Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto

The Tesla Cybertruck was recalled seven times last year.

July 2, 2025 - Mother Jones

Close-up of park ranger in green jacket and khaki hat looking out at Bryce Canyon National Park red rock formations.

National Parks Layoffs Will Cause Communities to Lose Billions

Thousands of essential park workers were laid off this week, just before the busy spring break season.

February 18, 2025 - National Parks Traveler

Paved walking path next to canal in The Woodlands, Texas with office buildings in background.

Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50

A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.

February 19, 2025 - Greg Flisram

Screenshot of shade map of Buffalo, New York with legend.

Test News Post 1

This is a summary

0 seconds ago - 2TheAdvocate.com

Red 1972 Ford Pinto with black racing stripes on display with man sitting in driver's seat.

Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto

The Tesla Cybertruck was recalled seven times last year.

18 minutes ago - Mother Jones

test alt text

Test News Headline 46

Test for the image on the front page.

March 5 - Cleantech blog