Posted 8 months ago on June 14, 2020, 4:37 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
As a result of the Covid 19 shutdown many are out of work and behind on rent and mortgages.
Ultimately many properties will be foreclosed, even rentals, whose [petty rentier] owners depend on tenants payments to pay their mortgages.
Will Giga corporate rentiers, such as Blackstone and the big banks, end up owning all the land and buildings except an insignificant residue of financial survivors of the under-classes? Will the majority of us end up not merely lifelong debtors, as we are today, but perpetual tenants of housing owned by the financial elites? How would we differentiate that from feudalism?
If instead of the quarantine, the situation had been the result of the March financial crash alone, which cyclic event was over due anyway, how would the outcome differ?
On Feb. 12, 2020 the Dow closed at a record high. The peak in the past 52 weeks was $29568.57. Since the crash it's been as low as $18213.65. On June 12, the Dow closed at $25685.54 https://www.wsj.com/market-data/stocks/us/indexes
DATE OPEN HIGH LOW CLOSE 06/12/20 25659.42 25965.55 25078.41 25605.54 https://www.wsj.com/market-data/quotes/index/DJIA/historical-prices
The stock market has recovered more than half it's losses since the crisis began. What does that mean to the real economy we depend on for the real goods and services we need to live? That's a rhetorical question. A little less rhetorical: Did it ever mean anything to us, other than the mechanism that increase the profits of the rentier class at the expense of increased cost of living for the rest of us?
The FIRE Sector is and always has been a parasitic disease of the real economy. It is a devastating cancer that threatens the survival of the human race.