Debt Rattle February 12 2017
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[See the full post at: Debt Rattle February 12 2017]“…the Deep State faction backing Trump is embarking on what it believes is a unique and special mission: to save the Deep State from a decline caused by the failures of successive American administrations.
However, what they are actually doing is accelerating the decline of the American Deep State and the disruption of the global Deep System.”
The good news; and all AE people know that the initial manifestation will be a global financial crisis.
‘Trump Party’ Candidate Running to Become Mayor of an Italian City (Carrara)
No mention on MSM. I wonder why? 🙂
As typical, the NY Times is insane, out of touch, and false. While the impulse of the article that reasonable housing prices are good for some is overwhelmingly true (i.e. pricing out the entire population can’t be a good thing) it just racks up a wide variety of omissions and nonsense. Gosh, NYT, how did Americans all at once START thinking about their homes as investments? Would it be because after 200 years of remembering how to grant safe loans, banks under Greenspan suddenly opened unlimited cheap money and no credit checks that observers said would cause a boom and inevitable bust that could possibly take down the entire United States? That bubble? Remember that? It was in “The Big Short,” you might watch it, it uses little words.
Housing shortage? I know you can get good drugs in NYC but you shouldn’t write when you’re high. There are something like 20M empty homes in the U.S. There are something like 66,000 empty mansions — not homes, but mansions — in Vancouver alone, an example of your “major cities”. This is likewise true of a lot of the hot markets. Their answer to too many empty homes? Build more homes. Golly, Grey Lady, how can housing prices be so high with so much supply? Could it be because our worldwide trade relationships have been increasingly out of whack for over 40 years, such that China and other foreign buyers are outbidding the market in a desperate attempt to diversify? 2/3 of commercial real estate in some places like NYC are reputed to be owned by the Chinese, in an example of turning major American cities into protected foreign colonies, like Hong Kong was for the British. Would the answer to that be changing our currency, outsourcing, and trade relationships like NAFTA and WTO? (Flip to section on how looking into these things makes DJT crazy as a bat)
By the way, so why DIDN’T capitalism work back in ’08 and have housing prices fall the way you suggest? Certainly they were trying to. In fact, why did the government gave $23T – $100T specifically IN ORDER to keep housing pricing too high for anybody to afford? That was Paulson’s pitch to Congress (the one he immediately betrayed). Could it be because – and a block from Wall St. you should know this – that home prices are the major collateral for the entire banking system? And if that collateral were correctly priced, every U.S. bank would be liquidated and replaced by their smaller, less stupid, mid-sized competitors? And then Sachs, Morgan and the boys would lose all their money and power over Congress? Maybe that would be why they taxed U.S. citizens $100T in order to keep the people’s costs and prices too high for their own benefit? So they wouldn’t have to take a haircut and be embarrassed as law and capitalism require? You might look into this, since you just watched a major U.S. movie about it and it was discussed intensively for over 10 years.
Business and jobs are booming? Anywhere? Yeah, I can see that as retail numbers and energy usage continue to fall, with 100M out of the workforce and 20% on food stamps. But okay, I’ll bite: if cities like S.F. and NYC are the only places not in a crippling Depression, then how did the entire 2,000 miles of Flyoverland suddenly become so economically depressed that the only option for 40 states is to emigrate from their homelands and move to Atlanta, NYC, and D.C.? Would that be because of extractive, colonial policies that harvest the wealth in the red, rural U.S. and move it to, say, you and your neighborhood on Wall St.? And that might make some people mad they’re being systematically murdered and resist in ways both bad and good? (again turn to page on how DJT is crazy and the only reason people voted for him is because they suddenly realized they’re racist.)
I could go on, but why? Fake, fake, fake. And we’re never going to know what’s going on or what to do about it until we — that’s you NYT, the “Paper of Record” — stop lying about unemployment, economy, trade, currency, politics, bailouts, payoffs, and basically everything.
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