Posted 1 month ago on Oct. 21, 2020, 12:56 p.m. EST by agkaiser
from Fredericksburg, TX
This content is user submitted and not an official statement
When the real estate market had ballooned to the bursting point in 2008, instead of fixing the systemic flaw that is for profit banking and finance, or subsidizing Americans' home ownership, our conservative, neo-liberal and liberal politicians, all wholly owned subsidiaries of the Wall St Oligarch Billionaire Class, re-capitalized the banks. The banks chose to take the money that replaced their losses on the bad mortgages they'd made billions in fees to originate and then foreclose anyway. They justified having their cake and eating it too by saying, if they didn't they would be reinforcing "a moral hazard." Now Blackstone, other private equity and the banks' investors own much more rental property than ever before.
The holdings of the private equity [landlord class] investors are about to grow even more monstrous than they've been since feudal times. Small landlords will lose their properties in the foreclosures that quickly follow the evictions of 4 to 20 million families due to Covid 19 job losses. There will be no one with money to rent the vacancies. The neo-liberal government won't help the newly evicted because Ayn Rand. The properties will be foreclosed. There will be no buyers but private equity and investors with money from the next Wall St bail out.
We the people will see our perpetual debt and slavery to it reinforced and emphasized even more. That merely continues the trend of the past 50 years of corporatist domination. We never learn or see the obvious solution: public ownership and non profit operation of the entire FIRE Sector. We will also not discern that compromise with corporatists is futile. We shall be dominated.
What's most unlearned is that by it's own burden, the concentration of wealth has always been unsustainable. We don't know for sure when the ultimate collapse will come ... only that it's as inevitable as the increase of debt by compound interest paid to for profit finance, insurance and real estate royalty.
Video link https://youtu.be/QUu-4nxCMGE