Its sounding like the pendulum is swinging back to pronounced urban decay. The money river is dry.
WaPo: Renters not immune to foreclosure crisis
In New York, housing analysts estimate that the number of apartment units in buildings at risk of default because of upside-down loans...could range from 50,000 to 100,000.
..loan performance on multifamily buildings is deteriorating at a dramatic pace. Some 65 to 75 percent of multifamily buildings could face problems refinancing at their current rates...
3 comments:
The Sovietization of America. Vast slums surrounding gated Islands of vast wealth. It's all in the early 70's movie ZARDOZ with Sean Connery.
I would agree there is a 70s feel to some of this. Those early 70s films a lot of times ended in misery, the happy ending was misplaced. I was reading about how sitcoms are trying to reflect the times better. If you are choosing a movie right now, there's not a shortage of films and TV series where the characters are facing a hole in terms of future and present social location. The kind of thing where people are empty, or homicidal, or addicted, or super crazed. There's that sense of lost humanity, lost souls wasting away.
This recession was and is extreme, it keeps blowing me away really, we keep piling up the different facets that are affected. I would also agree that there is a consolidation of wealth among the rich.
We need some good news. Jobs and property need to come off the front line. They say Obama is heading into job creation now and I basically understand the priorities. The banking system was on the verge of collapse. I'm not sure they handled it in the most graceful way as we know. The health care system is a disgrace and a mess as we know but again they are not handling it in the most elegant way. But it is fundamental to improving the American business environment. If magically health care was affordable and efficient, we would have many more jobs. So these two are priorities before job creation, I think Obama was correct. Also there is the wars, its a huge thing in itself. At the bottom of all of this is the ultra right and Bush administration, they shredded the country to pieces on all levels.
It wasn't just BV$H 2. The BV$H regime was just the culmination of the previous 30 yrs of the R.Reagan revolution. The right's project has been to destroy the middle class and its close to being accomplished.
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