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At a time when Houston was really over-built, and houses and apartments were very cheap, I expressed amazement that there was still building going on. A friend said "Giving money to a developer is like giving whiskey to an alcoholic." Maybe the same should be said of bankers.

After the real estate collapse during the S&L meltdown, banks bulldozed entire condo complexes that had never been occupied, just to save the money associated with maintaining the places.
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