Hi TJ… Thanks for the link and thoughts… I live in a rapidly developing (and highly promoted) area of North Florida (Panama City).
The craze here pulled in many speculators and new operators.
The property next to where I live (waterfront, having Bay access) sold 4 different times in 36 months advancing from $1.5 mil to the final sale of $9 mil. The final buyer, a speculative group from the UK, was going to build a condo complex, needless to say that’s now on hold indefinitely. It didn’t help that the property was found to have contaminated soil… used to be an old boatyard.
A significant number of homes here near the bay where also bought by outside speculators hoping for a quick flip… many are now for rent with no takers and becoming overgrown and run down.
These speculators got caught holding the bag… but that is the price for speculating and no one should speculate without accepting the risks and no one should speculate without being knowledgeable.
But many here where also taken in by the sales pitches described in the link you posted. Commercials where on the local TV and in the local paper; “ Refinance now and benefit from low rates…”. “You to can now afford the home you never thought you could have”, ect, ect. (never mind the small print).
Many of these were lower middle class and middle class families, not sophisticated and too trusting of people and institutions that it turns out they should not have trusted. They thought that they could place confidence in what they were being told by the brokers, appraisers, mortgage companies and agents that sprang up in the area like mushrooms after a storm.
My wife works at the Health department and sees these people who now have to throw themselves on the state for care after losing everything they sincerely thought they could afford and were lead to believe they could afford. At worst they could be accused of being naive I guess but in this area, at least in the past, tradition and history has little precedence of institutions intentionally using such misleading methods and such widespread formalized bureaucratic deception throughout the entire process.
There are victims, some deservedly so, some not…. It’s a sad situation that will not have a happy ending I’m afraid.
The majority of Americans have been blind to their developing conditions, not given to reflection. To anyone who has lived overseas and seen how the media reports over there and compared it to how the media reports in the USA its no wonder that many people are befuddled on how they came to be in such dire conditions. Americans have been institutionally dumbed down… made ripe of the plucking.
Lots of errors and blame to go around everywhere but as usual its going to be the weakest and those least able to bear the cost that will be hurt the worst. Such is the nature of man and example of history.
I have been hesitant to use a term such as “evil” believing that true “evil” was about as rare as true holiness thinking that most were just some degree or another of bad or good. Evil and Holiness being spiritual in nature and source but goodness and badness being of human nature. Now I’m wondering if some of the players aren’t truly evil. If that is so I hope that somewhere out there the counterpart holiness exists… who knows? I’m a skeptic
I see what you mean about ilaine. I think she sees herself as supremely clever but she is just laughable and I know one of the powers evil can’t stand is laughter.
Rgds
nonrev |
