Housing Market Crash In California
The
Golden State Not So Golden. Reposessions, people abandoning their homes at the rate
of hundreds per day. Neighborhoods that are becoming vacant with for sale signs out front.
Vulture like real estate clearance companes come in and throwing everything into
dumpsters for the landfill. People just walk away from their homes leaving family
pictures, personal items, and all posessions just laying about. Charity
stores not in the loop...it is all just sacked, broken up and thrown away into the
landfill. Business is booming...for the vultures as dreams are broken. Come on now Where
Was The Government in This Process
Protecting US from this kind of situation!! They were not in the loop either. It was all
just allowed to Happen!
http://www.realecontv.com/videos/post-collapse/the-golden-state-not-so-golden.html
After the Fall
Contrary to anti-social, right
wing propaganda, "sub-prime" loans were not made to help poor people get their
first homes.
They were created to help new home builders, especially in states like California, Nevada,
and Florida, sell out their new home
inventory at super-inflated prices.
Home buyers were told by the Fed
chairman...by the President...by Fox News...by every idiot financial reporter on TV...that
the loans they were taking out were a "good deal."
The loans were very simple:
Very little down, very low payments and then, a few years out - when theoretically the
property would be worth much more - the monthly payments would rise dramatically.
The idea was that long before the higher rates kicked in, the home buyer would have sold out at a handsome profit and moved
onto their next home.
Free enterprise at work.
It's easy to call these people foolish, but what they really are are the victims of a
scam.
The home builders got paid lavish premiums for their inventory...real estate companies and
loan brokers got rich from these sales...the Wall Street banks that packaged these scam
loans and sold them throughout the world made hundreds of billions of dollars...and the
psychopathic Bush
administration got to fund its wars without raising taxes based on the illusion
that the economy was good and could afford it.
Now the chickens are coming home to roost.
This is EXACTLY the same scam that Bush Sr. ran in the 1980s using the Savings and Loans
real estate fraud bubble to pay for the Contra war and God only knows how many billions he
and his fellow crooks siphoned off on the side.
Bush Sr. even had the same Fed
Chairman Alan Greenspan running the central bank.
The only difference is this disaster is 100 (1000x) larger.
Eastern