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View Diary: The Restoration of the Rentiers (21 comments)

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  •  Well you mentioned it here (6+ / 0-)

    so you get credit anyway. :)

    I've been involved with real estate since 1977 always as an appraiser (and soon, I hope, to be retired). Every "innovation" in financing I've seen since I began my career seemed like the worst idea ever, until the next one came along.

    •  M. Hudson has a lot to say about R.E. (8+ / 0-)

      Namely that most money lent by banks is to buy property (i.e., real estate) that is already in existence. That the constant asset-inflation caused by easy credit for mortgages left anyone un-invested in R.E. behind - until the bust in 2008.

      But, of course, the FIRE sector has been generously bailed out by the US gov; and are now buying up piles of foreclosed properties on the cheap - actually outbidding real bargain hunters by substantial amounts of money - in order to restart the asset inflation cycle and fasten their rentier grip on the economy even tighter.

      They are in a no lose situation. They get to create credit to buy anything they want. When their over-easy credit blows up the market, the government steps in and hands them back their money.

      Begin rant

      Eric Holder is a worthless, Wall St fellating sellout. Someone like me, who knows nothing about finance or lawyering, could have prosecuted these crooks. He and Geithner and Obama let them all skate.

      When this country goes under, I am going to name a sewer system for Eric Holder because he is a man who kept the shit out of sight.

      End rant

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