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dealing with the collapse
Image by buckshot.jones
I just returned from visiting family in south Florida. They are experiencing a collapse in real estate that, in some measures, is more severe than Detroit. What is troubling for the sunshine destinations is their economy seems to be premised mostly on people moving in. They don’t really make anything in south Florida and this time the troubles in the rust belt are so severe we are not providing the grist for their economy- people with U- Hauls. Pull up a barstool and I’ll lay out my solution to get both economies humming right along.
The fine folks in Miami, Tampa, Phoenix, et al raise taxes and cut services. Instead of paying off their debts we get the sharpies on Wall Street to dust off their Credit Default Swap playbook and create some new AAA rated (wink, wink) bonds to hustle on unsuspecting, and way too trusting, European bankers. The state Treasurers in Florida, Arizona, Georgia and Nevada go on a spending spree buying up Michigan real estate. Before you know it we are back in the roaring Nineties and our underwater mortgages now have big fat equities. Since we are in on the scheme, we sell instead of remortgage. We pack up our earthly possessions in a U- Haul and head south. Our buying activity drives up real estate prices in the South. Tax revenues go up. Government bank accounts are overflowing. Collective bargaining is restored and we have full employment. Here’s the really cool part, it costs us nothing. You see the clever crew in Downtown Manhattan sold our state Governments credit default swaps at the same time they pinned the Confederate bonds on the banks overseas. We will actually make a profit when we default on the bonds! No worries about some little European Republic sending their hired goons to collect, our hired goons have nuclear weapons. Call it financial kryptonite.
Isn’t this easier and less painful then listening to political hacks drone on about entitlements, taxes and discretionary spending?
Holes throughout this foreclosed home and BB holes on another wall...vandals or someone needing anger management?
Image by MichiganMoves
Farmington Hills MI real estate foreclosure
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After seeing this hole in a Canton kitchen ceiling, the first place I check is the second floor...sure enough, the Main Bath is directly above!
Image by MichiganMoves
Canton MI real estate foreclosure
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