The Looming War Against China (tags)
In the United States, in the wake of Ronald Reagan's tax cuts for the wealthy & state-undermining deregulation, & Bill Clinton's "Third Way" takeover by Wall Street, there was an equally devastating shift of wealth & income to the finance, insurance & real estate (FIRE) sector. The "Third Way" was financial capitalism that made its profits by exploiting & indebting industry and labor.
Cottage with a catastrophic view (tags)
According to various forecasts, between 300,000 and 1.9 million coastal properties in the USA will be affected by "regular flooding" in the coming decades. By 2100, the city center of Miami and large parts of Miami-Dade County are likely to be permanently below sea level - along with real estate currently worth 400 billion US dollars.
China's further development has priority (tags)
The focus of Chinese policy remains the economic and social development of the country... Despite the enormous successes in economic and social development, there is still a long way to go before China catches up and can also keep up with the rich industrialized countries
Can state-capitalist China inherit the USA as hegemon? (tags)
China's growth is also running on credit, and the People's Republic is similarly highly indebted as the descending Western centers of the world system.10 The Chinese deficit economy is generating even far greater speculative excesses than was the case in the U.S. or Western Europe,
Rethinking the State and Rent Madness (tags)
The right to housing for everyone must be understood as a public challenge and presupposes the de-commodification of the housing supply, a democratization of urban policy, and breach with the real estate exploitation coalition.
Numerous economists had predicted falling real estate prices and rental prices during the pandemic. But prices are rising. Once again, economists are surprised that reality does not want to follow their models... Central banks are squeezing even more money into the financial markets than ever before.
Crisis rent instead of debt trap (tags)
Store closings, event cancellations, slumping orders, short-time work and job losses, especially in precarious employment, have left many unable to afford their apartments or rented commercial space. Despite initial easing, there is no end in sight.
A Social Change is Overdue (tags)
Social rental housing construction which has been increasingly restricted since the 1980s must be resumed on a grand scale and rapidly promoted to offer low-income earners, single parents and large families a place to stay.
Treasury Extends Anti-Money Laundering Luxury Real Estate Regulations (tags)
Treasury's Financial Crimes Enforcement Network (FinCEN) renewed requirements for title insurance companies to identify the real owners behind shell companies in six major metropolitan areas.
Founded in 1996, the Los Angeles Real Estate Investors Club is the oldest and largest investor group in southern California. The Club helps people invest in real estate by offering monthly meetings and seminars featuring education, networking, and deals.
The Financial Crisis in the Light of the Social Market Economy (tags)
In 2007 and 2008 the US housing market almost completely collapsed. The crisis was brought about by a combination of state- and market failures. Extensive deregulation and violation of the liability principle were jointly responsible.
EBALDC’s partnership with Urban Core has resulted in protests (tags)
Considering that EBALDC had a fund balance of $22,884,524 during 2014, it appears that EBALDC, a so-called nonprofit housing developer, may be sucking it’s buildings dry financially with it’s general and administration fees, property management fees, repairs and maintenance fees, developer fees, and other charges it uses to collect huge sums of money from its many buildings and properties.
What Killed Ted Gullicksen? (tags)
Almost four months have passed since Ted Gulliciksen died. Today we still don’t what killed him.
Video: The long dark shadows of plutocracy - the NYC housing crisis (tags)
Housing as a human right is subverted by the right of speculation, said Arnold Kunzli, emeritus Swiss professor, in 1990. (http://portland.indymedia.org/en/2003/06/266635.shtml)
Banks, Bankers and Banksters (tags)
An unrestrained speculative capitalism emerged out of investment capitalism. New financing instruments are invented. Risks are trivialized or glossed over to soothe the population. Boundless indebtedness becomes the norm. The new age led to immediate profit eclipsing investment.
Foreclosure Purgatory, MA Rules Against Buyer Of Foreclosed Home, Million Tainted (tags)
2011 Foreclosures is showing us what is coming on the horizon, ? Cloud on title?. (cloud) n. an actual or clear outstanding claim on the title to real property. ?Clouds? can include an old mortgage or deed of trust with no recording showing the secured debt was paid off, a failure to properly transfer all interests in the real property to a former owner, a previous deed which was improperly written or signed, an unresolved legal debt or levy by a creditor or a taxing authority, or some other doubtful link in the chain of title. Often the ?cloud? can be removed by a quiet title action, by finding a person to create or execute a document to prove a debt had been paid or corrected. Title companies will refuse to insure title to be transferred with a ?cloud,? or they will insure ownership except for (?insure around?) the ?cloud.
Group, Homeowners And Concerned Citizens Band Together To Fight Scammers (tags)
PRESS RELEASE As Banks continue to abuse families with illegal foreclosures and denial of loan modifications, scammers are taking full advantage of unsuspected homeowners. The so called ?foreclosure rescue companies? continue to target seniors, low income citizens and homeowners who speak little or english.
Why 50 State Attorney's General Should Not Settle With Banksters, Mortgage Fraud (tags)
As 50 State Attorney's General Mortgage Fraud probe continues, a possible settlement is being talked about. We know from history that "financial criminals" who commit massive crimes against the people get away with the crimes. Should Banksters get away with the crimes committed against the Nation?
An Expansion of Terms Used in the Coffee Party Article by RP (tags)
I apologize for the weak structure in this article. I was hoping to write something that explained some of the material in the story, but ended up going a bit afield with the information. This article attempts to be neutral and nonpartisan, or at least not shrill, and avoids too much analysis. The nature of the Great Recession is difficult to sum up in a few pages, because it's a failure of a complex system with many parts, and many related behaviors, that led to the near-collapse of capitalism.
Alleged of Criminality by BofA and Misconduct in the State and US Courts -Robber Baron Era (tags)
Alleged of Criminality by Bank of America [NYSE:BAC], Misconduct in the State and US Courts, and Muzzled US Media Amount to a Robber Baron Revival Era.
The real American economy (tags)
9 TRILLION Dollars Missing from Federal Reserve,Fed Inspector General Can't Explain.
Ruling on Behalf of Wall Street's "Super Rich": The Financial End Time has Arrived (tags)
"Alas, the Obama administration has backed the Geithner-Bernanke policy that “the economy” cannot recover without saving the debt overhead. The reality is that it is the debt overhead that is destroying the economy. So we are dealing with the irreconcilable fact that the Obama position threatens to lower living standards from 10% to 20% over the coming few years – making the United States look more like Greece, Ireland and Latvia than what was promised in the last presidential election. Something has to give politically if the economy is to change course. More to the point, what has to give is favoritism for Wall Street at the expense of the economy at large. What has made the U.S. economy uncompetitive is primarily the degree to which debt service has been built into the cost of living and doing business. Post-classical “junk economics” treats interest and fees as payment for the “service” for providing credit. But interest (like economic rent and monopoly price extraction) is a transfer payment to bankers with the privilege of credit creation. The beneficiaries of providing tax favoritism for debt are the super-rich at the top of the economic pyramid – the 2% whom Mr. Obama’s tax giveaway will benefit by over $700 billion. If the present direction of tax “reform” is not reversed, Mr. Obama will shed crocodile tears for the middle class as he sponsors the Deficit Reduction Commission’s program of cutting back Social Security and revenue sharing to save states and cities from defaulting on their pensions. One third of U.S. real estate already is reported to have sunk into negative equity, squeezing state and local tax collection, forcing a choice to be made between bankruptcy, debt default, or shifting the losses onto the shoulders of labor, off those of the wealthy creditor layer of the economy responsible for loading it down with debt."
THE FICTION OF FREEDOM IN AMERICA (tags)
The servants of these investors and money "managers," like corporate executives and our elected - excuse the expression -representatives, look from the side, taking a payoff, as we get economically raped. This is designed to prevent wage "inflation" (that's a raise in the minimum, or any other, wage) by keeping unemployment high,
Happy New Year, For Tenants Nothing's Changed! (tags)
Unfortunately, 2009 proved for many big-city tenants that the golden rule was promiscuously traded for gold. Why would 2010 be any different?
Tenants, Thugs and CDOs (tags)
A local tale of unmitigated greed and the criminal enterprise of one family to corner the residential real estate market in San Francisco led to the shady world of collateralized debt obligations and derivatives.
Capitalism is the Problem: System Error (tags)
The chaos that we now witness is only the latest crisis of the global economic system. The system has not succeeded in keeping profits at the level of the postwar years. What is good for one capitalist is not necessarily good for the system. Triple-digit billions have been pumped into system
From Real Estate Speculation to Collapse of Global Deficit Economy (tags)
Joy to the world, the world of fallen idols and bubble transfer. The truth will set us free but the truth is a process, not a cudgel or stimulus. After the dot-com bubble, trillions were "invested" in real estate speculation. The crisis of the work society is the background for low interests.
Sickened by The Federal State of America Sickened by The Federal State of American Mass Media In this "Economic Crisis" I find it amazing that the simple truth is so "elusive": Truth is: People over-used credit on debt equity. - Now; with over-valued US real estate dropping like a bomb, this debt equity that has been "commercialized" on paper is worthless.
The problem is that a large part of US real estate financing, the "subprime" market for real estate credits to poor borrowers, functioned according to the model of a chain letter. Radical redistribution, nationally and internationally, is the command of the hour.
GREEDY U.S.Banks & Real Estate Cos."Created" this Financial Apocalypse!!! (tags)
In fact the "corruption and blatant greed" of big American banks and real estate companies precipitated today's financial crisis!
US Real Estate: From Goldmine To Money Pit (tags)
Mortgage Backed Securities and Derivatives are Flawed and Failing. The mortgage debt problem is simple really, it has been a total mis-appropriation of equity. The equity lost on flat screen TV's, boats, new cars, vacations, and other living expenses; is equity lost forever. This loss of equity spent on consumer goods and expenses is a pyramid scheme of hyper-capitalism that is flawed and failing. Equity not spent on the property the equity comes from, is equity lost forever, a mis-appropriation of funds, and inappropriate; it is a failing economic model.
The U.S. Economy on FIRE (tags)
The current U.S. economic crisis didn't start a few years ago when banks and financial institutions started selling "subprime" real estate loans to high-risk borrowers and then repackaging them as "mortgage-backed securities." It began in the early 1970's as a result of a long-term plan by America's major corporations and business leaders to drive down workers' wages and extract more surplus value — and the workers' response, which was to take on more debt. Any real solution that benefits working people cannot be instituted until the power of the corporate rich over the political system is broken.
Jail—Mortgage Lenders, brokers, Who Knowingly Sold or Made Fraudulent Home Loans (tags)
How can Americans possibly trust this Congress to protect $700 billion in Taxpayer Dollars that is needed to Restore US credit liquidity from being misappropriated?
Changing the Rules to Keep the Ruling Class in the Drivers Seat (tags)
A better solution would be to cancel all debts.
The Homeless Move to Bushville. (tags)
This is what I have been watching the wires for, a report revealing the 21st. century Hooverville.
A cataclysmic financial storm is about to bring down U.S. economy (tags)
"This phenomenon is a growing threat to the national security and sovereignty of the US. The hundreds of billions of dollars caught up as windfall profit for Arab Islamic oil barons is soon to be used to buy distressed and foreclosed property from the very Americans that the run up in oil has exploited."
The problem is that a large part of US real estate financing, the so-called subprime market for real estate credits to poor borrowers, functioned according to the model of a chain letter. Radical redistribution, nationally and internationally, is the command of the hour.
The population has to get used to gas prices three times higher than four years ago. Rising energy- and food prices and the real estate crisis accelerate pauperization tendencies in the US.
Why Is Oil More Expensive? (tags)
The reason for the high price of oil is that specualtive capital after the eruption of the US real estate crisis in the summer of 2007 now wreaks its havoc in the oil- and other raw material sectors. Workers have a world to win whose contours can hardly be defined.
The greatest risks threaten through the crisis of the financial system, through further price increases for food, the sensitivity of global supply routes and the increasingly expensive sources of energy. 2008 could develop into a worldwide crisis year.
The Downhill Plunge Speeds Up (tags)
The state has a social nature and cannot only be power and security state. In crisis, we are all Keynesians. Taboo for a long time, the New Deal program slowly sounds promising again. The 1933 "Home Owners Loan Act" was created in the first 100 days of Roosevelt's presidency.
Attac Germany on the Subprime Crisis (tags)
The crisis can't be solved with a few surveillance cameras in the global casino. The party was quickily over when the real estate prices stopped soaring. Investors are often guided by a herd behavior. Sustainable economy should have a prioirity over short-term profits.
US court nixes RP ‘privilege’ over real estate tax debts (tags)
In a legal debacle for Manila, a United States federal court judge has ruled that the Philippines cannot invoke diplomatic privilege so that it would not be compelled to pay $19 million worth of unpaid real estate taxes to the New York City government. The New York City government scored a victory over real estate tax-delinquent states, including the Philippines, India and Mongolia, after US District Judge Jed Rakoff, in a written opinion, ruled in favor of the city. Rakoff’s ruling will force the three countries, which are renting out offices and business establishments housed in diplomatic buildings in New York, to settle their financial obligations to the city’s government. Reports said India owed the city $39.4 million including taxes, while Mongolia has to pay $4.2 million.
The Subprime Tsunami Reaches the EU (tags)
Subprime mortgage credits in the US should not have been issued. Nevertheless subprime credits were extended in the volume of $1.3 trillion. An avalanche of expropriation roars in the valley. The banking crisis spills over into the credit system in the real economy.
The Real Financial Tsunami is coming! (tags)
"The $690 billion worth of “interest only” ARMs due for interest rate hike between now and July 2008 are by and large not Sub-prime but a little higher quality, but only just. There are a total of $1.4 trillion in “interest only” ARMs according to the US research firm, First American Loan Performance. A recent study calculates that, as these ARMs face staggering higher interest costs in the next 9 months, more than $325 billion of the loans will default leaving 1 million property owners in technical mortgage default. But if banks are unable to reclaim the homes as assets to offset the non-performing mortgages, the US banking system and a chunk of the global banking system faces a financial gridlock that will make events to date truly “peanuts” by comparison. "
Questions to the Maestro Alan Greenspan (tags)
Listen to Thom Hartmann interview Alan Greenspan on Air America Monday Sept 24. Greenspan was responsible tor the credit problems that now shake the world finance markets. Did the maestro drastically lower interest rates to help the Bush administration?
On the "Wealth Creation" of the Financial Sector (tags)
My counter-thesis is that a huge waste of economic resources occurs in the area of financial services. Competitive games, the worldwide casino and the invention of securities bundling rotten mortgages are not productive achievements of the capital market.
Real Estate Crisis in the US (tags)
Credit failures in the real estate business threaten the whole payment system between banks, private businesses and households handled through short-term credits..The US real estate crisis affects other economic sectors and countries and cal also lead to a shift in class relations.
Billions Dissolve in Thin Air (tags)
While the political class practices faith healing, all the participants know the end is coming when more speculative bubbles burst. The popular dogma that financial markets and the world economy are more efficient when deregulated and liberalized is over.
Your house at zero cost (tags)
Today there are many people speculating in real estate as they did in the stock market. Buy something and wait for the market to go up and then sell.
Balibo Murderer Implicates Indonesian Government (tags)
Yunus Yosfiah, former Indonesian government minister and commander of Kopassus, the elite government sanctioned hit squad functioning as part of the Indonesian military, has been formally identified by an eyewitness as the person who initiated the cold-blooded murder of five Australian journalists in East Timor in 1975. Not mentioned in recent reports is the exact order Yosfiah issued to his troops. Indonesian troops were extremely reluctant to fire on five unarmed Australian non-combatants, who had openly surrendered. [Then] Captain Yunus Yosfiah, issued the murderous order, “don’t think, just shoot”, before he commenced firing on the unarmed Australian journalists!
Measure H is Not a Magic Bullet (tags)
If I could wave my magic wand, Proposition H—the billion-dollar “affordable” housing bond measure--would disappear from the November 7th stage, and the Prop H supporters would be revealed as illusionists.
Privatizers reach for our public lands (tags)
Proposed "mining" law would open public lands to real estate developers at bargain-basement prices.
Politics and real estate: Industry no longer Republican domain (tags)
Democratic-leaning real estate professionals tend to be community-minded and interested in education, traditional Democrat issues. And because most real estate agents are independent contractors, they're also concerned about rising healthcare costs.
Bush Daddy Looks Under His Skirt (tags)
Why that's proud John Dryden!
globalisation means war (tags)
The global Swiss banking syndicate that is backing the war effort
The Real Stock Market Victims (tags)
The Real Story About Who Will Pay For The Latest Stock Market Tank.