Circles and Squares

The decision of the Moon administration to support the opening up of the “green belts” around Seoul to development by construction companies to provide housing suggests that we have ended up with the complete opposite of what the administration originally promised.

The Moon administration is taking the side of investment banks who are making a fortune out of keeping the price up housing high (even though there is a glut of housing still unabsorbed from the Lee Myung-bak era) in order to make sure that upper-middle-class employees of companies who put big money into their houses do not lose their shirts–and also to make sure that “housing retirement pensions” cooked up by investment banks do not lose their value.