The key point Sattler quoted the GFC,as his turning point for a bad property investment outcome.
From granthamana
The state has gone from a economy with a diversified range of exports to one which is built on and leveraged to the hilt on a handful of minerals. Should those mineral prices tumble, this town will become a ghost town with ghetto's in a fraction of the time it took to create 'Boom Town'. Remember how quickly BHP and RIO yanked the plug to shutdown those mines in the GFC the second they became financially nonviable? Imagine that on epic proportions..
