Here's a cautionary tale if there ever was one.
You want to know how Georgia's economy fell apart, read it. That kind of development situation, replicated over and over again - maybe not to scale - combined to crush the state's banks. Though not every situation was big enough to thoroughly derail the Jekyll Island redevelopment.
You'll also notice the absence of federal government culpability, so loudly touted as a way to explain the economic collapse. Instead, this is a story of a previously successful private developer borrowing hundreds of millions from banks while recieving tax breaks from the state government specifically to inflate the prices of real estate oversupply.
The collateral for the loans? Real estate oversupply with inflated prices.
I'd also like to point out how the state government (dominated by the GOP) directly subsidized the already wealthy development company to the point where the state would be losing money on the deal.