The Coles affair: Unsustainability is now
Once again, the Wall Street Journal goes to Phoenix to report on the most pathological aspects of our economic troubles. It does the in-depth, sophisticated and contextual story on the suicide of Scott Coles and the collapse of his Mortgages Ltd. that the local press will not allow its reporters the time and expertise to do. And remember, the Republic’s in-house diktat is, "say something positive about the community" (and use streaming video!!).
The personal story of Coles is the stuff of a tragic novel, albeit for our tawdry era. He was 48 when he wrote a goodbye note, donned a tuxedo, climbed into bed, and apparently committed suicide. His company was in trouble, and with it some of the highest-profile projects in "the Valley." His 20-year-younger second wife, whom he had met in Las Vegas, wanted a trial separation. The darkness he must have felt merits our compassion and prayers.
But the business story must also be told, for it illustrates not only how Phoenix got into its worst downturn in perhaps decades, but also the peril of Ponzi Scheme Nation.
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