Prelude:
The table is set, the plates are served. A knock came at the door. Sheriffs, marshals with a court order to vacate.
Their lawyer kept saying " it will be alright, you'll have time..."
But the time is up.
They paid 1.3 million for this house, that excludes the pool and hardscape. Now it has been sold at auction for $485,000.00. This will send further shock waves through the community; devaluing neighboring properties and sowing more seeds of doubt. Too many now ask " why should I stay? "
I hear what is going on, show up uninvited and help break down beds and load a uhaul. That will not fit inside the moving truck is left for whoever will haul it away.
This was my Friday night. He is grateful for the help and asks what he can do for my family. I laugh sardonically.
So, here we are on the edge of the second tier of the cliff, ready to fall off.
Foreclosures are building at a blinding pace. Businesses are imploding. Commercial property waits in the wings, ready to default in shocking numbers. Cities crumble as the tax base shrinks. Budgets are unrealistic, and the pain mounts.
During the savings and loan debacle of the 90's, the government bought up " toxic assets " of failed savings and loans, after they failed. This time around, they are given vast sums of money at tax payers expense, propped up, as it were. Bailed out. But they do nothing for the consumer.
It is all about the banks.
My friend Mike, whom I helped move last night; the bank demanded 870k in cash to avoid foreclosure, and then sold the property to another party for 480k when he couldn't come up with it. While it would seem to make sense to us to re-write the loan, the perception is that the banks would rather absorb the loss on the tax payers dime, than work with the buyer who is on the down and out. Mike could have afforded the payments on a 480k loan, but after the collapse of his plastics supply business, the 10k per month was not workable.
I see the governments in full collapse as the tax base evaporates. I see budget numbers rendered meaningless when the money fails to materialize. The populace has been largely sucked dry.
I see riots as the unemployed begin to starve when their benefits run out. I see murder and mayhem when the bank is given vast swaths of property with tax payers money and the tax payer is kicked to the gutter. I see hardship in the next natural disaster. I see the united States government going to the IMF with hat in hand begging for food and energy.
I see hyper-inflation and hungry babies as the bankers and political elite eat Kobe beef on credit that will in time run dry. I see euthanasia of the infirm and elderly who cannot fend for themselves.
I see Dark Days.
The table is set, the plates are served. A knock came at the door. Sheriffs, marshals with a court order to vacate.
Their lawyer kept saying " it will be alright, you'll have time..."
But the time is up.
They paid 1.3 million for this house, that excludes the pool and hardscape. Now it has been sold at auction for $485,000.00. This will send further shock waves through the community; devaluing neighboring properties and sowing more seeds of doubt. Too many now ask " why should I stay? "
I hear what is going on, show up uninvited and help break down beds and load a uhaul. That will not fit inside the moving truck is left for whoever will haul it away.
This was my Friday night. He is grateful for the help and asks what he can do for my family. I laugh sardonically.
So, here we are on the edge of the second tier of the cliff, ready to fall off.
Foreclosures are building at a blinding pace. Businesses are imploding. Commercial property waits in the wings, ready to default in shocking numbers. Cities crumble as the tax base shrinks. Budgets are unrealistic, and the pain mounts.
During the savings and loan debacle of the 90's, the government bought up " toxic assets " of failed savings and loans, after they failed. This time around, they are given vast sums of money at tax payers expense, propped up, as it were. Bailed out. But they do nothing for the consumer.
It is all about the banks.
My friend Mike, whom I helped move last night; the bank demanded 870k in cash to avoid foreclosure, and then sold the property to another party for 480k when he couldn't come up with it. While it would seem to make sense to us to re-write the loan, the perception is that the banks would rather absorb the loss on the tax payers dime, than work with the buyer who is on the down and out. Mike could have afforded the payments on a 480k loan, but after the collapse of his plastics supply business, the 10k per month was not workable.
I see the governments in full collapse as the tax base evaporates. I see budget numbers rendered meaningless when the money fails to materialize. The populace has been largely sucked dry.
I see riots as the unemployed begin to starve when their benefits run out. I see murder and mayhem when the bank is given vast swaths of property with tax payers money and the tax payer is kicked to the gutter. I see hardship in the next natural disaster. I see the united States government going to the IMF with hat in hand begging for food and energy.
I see hyper-inflation and hungry babies as the bankers and political elite eat Kobe beef on credit that will in time run dry. I see euthanasia of the infirm and elderly who cannot fend for themselves.
I see Dark Days.