The Florida Real Estate Craze

The Florida Real Estate Craze

The bulbs and bubbles are, admittedly, ancient history. Could the same sort of thing happen in sophisticated modern times?

Let’s turn some recent and familiar events from our own past and see. America, the land of opportunity, had its turn in the 1920s. And given its emphasis on freedom and growth, it produced two of the most spectacular booms and two of the loudest crashes civilization has ever known.

Conditions could not have been more favorable for speculation crazes. The country had been experiencing unrivaled prosperity. One could not but have faith in American business, and as Calvin Coolidge said, “The business of America is business”.

Businessmen were likened to religious missionaries and almost deified. Such analogies were even made in the opposite direction. Bruce Barton, of the New York advertising agency Batten, Barton, Durstine and Osborn, wrote in The Man Nobody Knows that Jesus was “the first businessman”, and his parables were “the most powerful advertisements of all time”.

The euphoric mood of optimism and faith in business that prevailed in the twenties led to widespread enthusiasm about real estate and the stock market. It would appear only natural that American, having conquered an entire continent, would succumb to real estate booms. One of the greatest centered on Florida in the middle 1920s. The climate was just right. The population was steadily growing and housing was in short supply. Land values began increasing rapidly. Stories of investment doubling and tripling attracted speculators from all over the country. Easy credit terms added fuel to the speculative frenzy. “This market has no downside risk”, the land speculators opined, as Dutchmen undoubtedly said to each other about the tulip-bulb market in an earlier time.

Florida Real Estate Craze. Photo by Elena

There are reports of Palm Beach land bought for 800, 000 dollars in 1923, subdivided and resold in 1924 for 1, 5 million. By the following year, the same land sold at 4 million dollars. At the top of the boom, there were 75, 000 real estate agents in Miami, one third of the entire population of the city.

Inevitably, the boom ended, as do all speculative crazes. By 1926, new buyers could no longer be found, and prices softened. Then the speculators dumped their holdings on the market and a complete collapse ensued.

With this Florida experience, one would have thought that investors would avoid a similar misadventure on Wall Street. But Florida was only a regional prelude to what came next. Beginning in 1928, stock-market speculation became a national pastime. From early March 1928 through early September 1929, the market’s percentage increase equaled that of the entire period from 1923 through early 1928. The price rises for the major industrial corporations sometimes reached 10 or 15 points per day.

Sources:

• Burton G. Malkiel. A Random Walk Down Wall Street, including a life-cycle guide to personal investing. First edition, 1973, by W.W. Norton and company, Inc.

First-Rate Presidents and Fascinating First Ladies

First-Rate Presidents and Fascinating First Ladies

Who were the most successful presidents? The most interesting? The most overrated? And what about the first ladies? Some picks are listed here in chronological order.

Most successful presidents

George Washington: He established precedence and assured the democratic future of the republic. He gave us stability after a long war, during the difficult period following the Articles of Confederation.

Thomas Jefferson: He oversaw the Louisiana Purchase. (A vast territory west of the Mississippi that the United States purchased from the French emperor, Napoleon, for a mere $15 million.).

Andrew Jackson: Jackson brought the common man into the White House. His attack on the Bank of America, and on monopoly capitalism gave new meaning to the evolving political traditions of the Republic.

Abraham Lincoln: The reasons are obvious. The author of the Gettysburg Address, he presided over the country during the biggest threat to its future and saw it through.

Theodore Roosevelt: A champion of conservation, he created the national park system and successfully negotiated the Panama Canal Treaty.

Franklin D. Roosevelt: He rallied a country that badly needed it. He gave hope where there had been only fear, led us through the greatest war of our history, and his conduct during the war was right, for the most part.

Dwight D. Eisenhower: He was a builder who constructed our national highway system. He put a final seal on the reforms of the New Deal, in the face of members of his own party who wanted to get rid of it. He kept the welfare program and vastly expanded social security, putting the program above politics.

Lyndon B. Johnson: He did more for black America than any president since Lincoln. There were some excesses, but he would have been a great president if it wasn’t for the war in Vietnam.

Most Interesting Presidents

James Monroe: He was known as the Last of the cocked hats, the last of the revolutionary figures. It was said that part of his popularity was that he looked like George Washington. He redid the White House with modern elegance after it was reconstituted following the War of 1812, when it was burned by the British. When he left the presidency, he spent almost all of his time suing the federal government for real and imagined reimbursements he claimed were due him. He was always in debt, from which he was finally bailed out when he sold his library to Congress. These were the first volumes of the Library of Congress.

James K. Polk: Like Truman, he was an unknown who came out of nowhere. He was the only Speaker of the House to become President. He ran a war (the Mexican War), successfully imposing it on an unwilling Congress. He oversaw the largest land acquisition after the Louisiana Purchase (New Mexico, California, and Oregon). He said he would not run for a second term – and kept his word.

New York Central Park. A highway crosses the park. Photo by Elena

Grover Cleveland: A major figure in the post – Civil War era. He wrestled with the development of the civil service, with the new role of American finance, and with U.S. Relations with the rest of world finance. He was a symbol of America as a growing place in the world, a transitional figure. He was hounded for having gone fishing on Memorial Day, and for giving back the Confederate flag to Southern veterans.

Franklin D. Roosevelt: The greatest and most interesting president. A man of great personal courage. He had been out of politics and had risen again when he came to office in 1932. For all the disingenuousness that he could display, for all the double-talk he employed, people trusted him.

Overrated Presidents

John F. Kennedy: He had no major accomplishments and took a lot of high risks that were in part excessive, particularly the Cuban Missile crisis.

Ronald Reagan: For putting us in a terrible debt situation. If you had to put it down to one issue it would be the Star Wars program. Lowering taxes while increasing defense was a major error.

Influential First Ladies

Martha Washington: She was spunky, social, with a sense of decorum, and she had an impact on the presidency from the veery beginning.

Sarah Childress Polk: A power at dinners, she was serious, had a strong working relationship with her husband, and a strong Protestant work ethic (and no use for dancing or theater). She was as forceful as Hillary Clinton, a voracious reader who was independent and educated, and cultivated friendships with strong men (including former and future Presidents Andrew Jackson and Franklin Pierce) and women in Washington.

Louise Taft: She was very instrumental in her husband’s nomination to the presidency.

Eleonor Roosevelt: A strong partner to Franklin in the White House, she was well-traveled, compassionate, and tirelessly worked for a variety of women’s and children’s causes, as well as helping to mobilize the war effort.

Rosalyn Carter: The first to take solo diplomatic missions, she concurred with Betty Ford’s belief that the first lady ought to be a paid position

Höfdi

Höfdi

Höfdi House, built in 1909, is one of the most beautiful and historically significant buildings in the Reykjavík area.

It’s best known as the location for the 1986 summit meeting of presidents Ronald Reagan and Mikhail Gorbatsjov, a historical event that effectively marked the end of the Cold War. During this meeting images of the house were broadcast all over the world. A Japanese millionaire even had an exact replica of the house built in his country. The sculpture in front of the house depicts pillar from the chieftain’s seat of the first Norwegian settler in Reykjavík.

Höfdi was initially the house of the French consul in Iceland and still bears many signs of its original purpose, such as letter R.F. (the abbreviation of the French Republic), the name of the consel and the year of its construction above an inside door.

Among renowned guests of Höfdi House are celebrities and heads of state, amongst them the Queen of England, Winston Churchill and Marlene Dietrich. In addition, the house is believed to be occupied by a ghost, « The White Lady », witnessed by a former British Ambassador who once occupied the house. She caused so much distress that he persuaded the British Foreign Office to sell the house.

Höfdy is owned by the City of Reykjavík and is currently used for official receptions and meetings. Although the house is not open to the public, visitors are welcome to explore the house from the outside. Höfdi House is located on Borgartun in the 105 area of Reykjavík overlooking the waterfront. We recommend taking a walk along the coast from the Harpa concert hall, admiring the ocean view along the way.

Icelandic Landscape. Photo by Olga

Shopping for Icelandic Design

Shopping for Icelandic Design

If you’re looking for a souvenir to take back home after a trip to Iceland, you’re in luck. Icelanders have a creative spirit, clearly visible in their design. Whether you’re after clothes, jewelry, lifestyle products or design items for your home, you’ll find what you’re looking for, probably along with a few items you didn’t know you needed.

Unique Ingredients

Icelandic nature provides some unique materials for Icelandic designers. The Icelandic wool is an interesting material, as the Icelandic sheep are a very specific breed, descended from the first sheep brought to Iceland by the settlers. Bred in isolation for a millennium, the Icelandci sheep have two layers of wool, one soft and insulating and another tougher and water-repellent. This leads to a warm, light and waterproof fabric, that can be knitted, felted or woven into several different creations. Check out the products of Vik Prjonsdottir and Farmer’s Market.

For hardier materials, Iceland does not have a lot of wood (the Icelandic forests are few and far between) which forces Icelandic designers to be creative. Pieces made of lava rock, animal horns or bones, fish leather and driftwood make for great souvenirs of your trip to Iceland.

Traditions Icelandic

Another common thread in Icelandic design is the Icelandic cultural heritage, folklore, superstitions, and traditional craft. The most famous Icelandic design item is the Icelandic woolen sweater of the lopapeysa. It has kept generations of Icelanders warm in the harsh Icelandic nature, earning its place in Icelanders’ hearts. If you want one, stop by the Icelandic Handknitting Association and get one that’s handmade in Iceland. If you like the look of them but don’t need a woolen sweater, the traditional sweater patterns have also inspired designers and can be found on everything from t-shirts to candles and plates.

Another popular motif in Icelandic design is the raven. In many cultures, the raven is an ominous creature, but in Iceland, it is considered a wise creature and a loyal friend. Farmers like to feed ravens scraps during the winter, as folk tales speak of ravens saving the lives of their benefactors, warning them of avalanches and leading them home when they’re lost.

A boutique in Iceland. Photo by Olga

Inspired by Nature

It’s impossible to live on a glacier-covered volcanic island, with volcanic eruptions and earthquakes, and not be affected by it. Icelandic designers get inspiration from the majestic nature around them, whether it be from the glaciers, volcanoes, mountains or moss-covered lava.

There’s another factor of Icelandic nature that also tends to inspire designers; the weather. For Icelanders in centuries past, war and waterproof clothing wasn’t just a necessity, it was a matter of life and death. They’ve gotten pretty good at making warm clothing and an Icelandic jacket will keep you warm wherever you go. The Icelandic lopapeysa, woolen hats and mittens originate from the same desire, to keep warm in the unpredictable Icelandic nature.

Icelandic ingenuity

Of course, not all Icelandc design can be traced to elements of Iceland, some just spring fully formed from their creator’s minds. Icelandic design owes a lot to Scandinavian design, finding inspiration in its simplicity, clean lines and colours. If you step into Icelandic design stores, you’ll find for example items like the Pyropet candle, an animal shaped, pastel coloured candle, that will, when it burns, reveal a metal skeleton, or the NotKnot pillow, a knotted tube of stuffed wool that makes a pretty pillow.

The Museum of Design and Applied Art in Gardabaer

If you’re interested in learning more about Icelandic design and how it has developed over the years, stop by the Museum of Design and Applied at in Gardabaer. They have a collection of Icelandic design items and put on exhibitions that are a feast for the eyes. They also have a beautiful gift shop selling Icelandic design items, jewelry, books, furniture and decorative items for the home

After the Loss

After the Loss

Do not beat yourself up emotionally. Don't torture yourself with regrets and "if only's".

Build in some time to play each day. Do what you want to do, without worrying what other people may or may not be thinking or expecting you to do.  Feel free to be spontaneous, to laugh and have fun.

Laughter  us good for your health.  Humour is an important tool in handling your grief. But we often feel guilty  if we have fun. We have the impression that to laugh or to enjoy ourselves too quickly is somehow dishonoring to the memory of our loved one.

Always remember to ask yourself what you would want your loved one to do if you had died.

You  may find it surprisingly difficult to go back to work, to face friends, or to attend your place of worship. You may think that people are regarding you differently, perhaps feeling sorry for you.

It is important not to shut yourself away. Relationships are healthy, and especially so after a loss.

Sometimes bad things happen to good people. The death may have meant not only the end of the relationship, but also the death of many of your hopes and dreams. The death of someone you care about can challenge some some long held beliefs about the way life should be.

If you are invited to a party, a wedding, or indeed any social function, go. To easy the pressure, however, leave a way to escape by saying: I'd live to attend, but I've been going through a grieving time. If I decide not to come at the last minute, would you understand?

Even after you arrive you can say: I'm happy to have been invited, but if I find I'm becoming too emotional, I know you'll understand if I excuse myself. Friends will understand.

Bereavement can shale and challenge your entire belief system. For those who have a faith in God, loss can bring a critical turning point in that faith.

You may feel angry that God has not answered your prayers, and question why He allowed this to happen. You way wonder what is the purpose in all this.

Many do not have  a faith in God, yet their beliefs about life itself may be affected by the death. Life is not always fair. 

In the days ahead you will need to work through many issues. Remember, there are no easy answers. Faith enables us to accept what we may not understand. (Tools used to make and repair carriages, wheels and various other agriculture tools.)

Certain days can create a heightened sense of loss, and grief attacks are more likely to occur. On such occasions as a birthday or an anniversary, a wedding or a funeral, during seasonal holidays or simply the "a year ago today" days you may experience a heightened sense of missing the person.

To experience grief is to acknowledge that you have loved someone, and now that they are gone, you are feeling the loss. To experience grief is to acknowledge that you are human.