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Updated: May 10, 2025
The values of realestate dropped, houses were sold for a song, officebuildings for an aria, hotels for a chorus.
The dog-cart turned the next corner, causing indignation there, likewise, and, having proceeded some distance farther, halted in front of the "Amberson Block" an old-fashioned four-story brick warren of lawyers offices, insurance and realestate offices, with a "drygoods store" occupying the ground floor.
I could not blame the realestate men for attempting to unload their holdings before they suffered the fate of one tall building at Hollywood and Highland. The grass closed about its base like a false foundation and surged on to new conquests, leaving the monolith bare and forlorn in its new surroundings.
Communist partymembers, using improbable pennames, asked passionately if this was not a direct result of the country's failure to come to a thorough understanding with the Soviet Union? Terrified propertyholders irately demanded that something, SOMETHING be done before realestate became as valueless in Southern California as it already was in Red Russia.
Pastors of other churches and conductors of similar programs denounced him as misled; realestate operators, fearful of all this talk about the grass bringing doom and so depreciating the value of their properties, complained to the Federal Communications Commission; Sundayschools voted him the Man of the Year and hundreds of motherly ladies stored the studio with cakes baked by their own hands.
The prostration of the country which had begun with the first wave of panic could not be allowed to continue. The government moved in and seized, first the banks and then the railroads. Abandoned realestate was declared forfeit and opened to homesteading. Prices were pegged and farmers forced to pay taxes in produce.
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