Apparently so. Florida, which has basically functioned as a giant pyramid scheme, is as a result ground zero for the housing bust.
Yet, as William Haseltine noted yesterday, Florida has shown incredible gumption in recruiting some of the top research centers in the world to set up camp there. Scripps, Burnham, Max Planck, Torrey Pines--these are far from insignificant institutions. The famed innovative organization, SRI, has set up a satellite operation in Florida, as has the Oregon Health & Science University.
Can a real estate Ponzi scheme turn out to be the most dynamic and innovative region of the country?