Prof. calls Florida "a ponzi state"

DemocracyNow
April 06, 2009
Florida has been hit particularly hard by the recession. Its facing its worst unemployment rate since 1976, with nearly one in ten people out of work, and it has the second-highest foreclosure rate in the country. Florida has also been described as one of the birthplaces of the financial crisis. We speak with University of South Florida Professor Gary Mormino, who describes the states economy as a giant Ponzi scheme. Hes the author of Land of Sunshine, State of Dreams: A Social History of Modern Florida.