I wonder whether the internet is contributing to the economic collapse by automating more and more people out of work.
From a blog about real estate in my area:
With online tools like Zillow, Redfin, Property Shark, Dataquick, Melissa Data, Realty Trac, Foreclosure Radar and now, Los Angeles Blockshopper, access to coveted “Realtor” information is now at your fingertips. Anyone can now do their own research and be better prepared to enter into transactions. All of these are available in my Real Estate TOOLS/DATA Section. Throw in real estate blogs like Dr.Housing Bubble, Patrick.Net, WestsideBubble, etc., and people have a public forum by which experience and pertinent information can be exchanged.
Exactly how much, do we need realtors today?
I don’t think the automation with the ‘net is killing that many jobs, but the ‘net is creating dislocations as the type of jobs needed by the new economy changes. I do think that over-reliance on the the technological revolution has killed some lenders and risk takers, who relied on cash flow models rather than analog underwriting to create a near-fatal credit climate. My own view is that whenever banks and insurers replace the boring, conservative underwriters with their pulse on risk with MBA’s with their eyes on financial models, disaster ensues.