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So, this is what Barack Obama and the left mean when they rail against "inequality" and Wall Street. Dodd Frank certainly has been a big success - for the financial oligarchs!
Thanks to Barack Obama and the Congressional Democrats. Great job, guys.
Characterizing the upward transfer of virtually all American wealth to a handful of oligarchs a “recovery,” represents a grotesque insult to the english language as well as common sense.
Well they aren’t really your “new” slumlord in the sense you have been debt slaves to the financials system for decades. What I really mean is that it is now becoming overt and literal. Literal because financiers are now the main players in the real estate market and are buying all the homes ordinary citizens were kicked out of over the past few years. Yep, we bailed out the financial system so that financiers with access to cheap credit can buy up all of America’s real estate so that they can then rent it back to you later.
Two and a half years later, the results are clear. Landlords getting paid, renters getting shafted. As Bloomberg reports:
Americans living in rentals spent almost a third of their incomes on housing in the second quarter, the highest share in recent history.
If they are too stupid to share living accommodations, then so be it.
Agreed. Tho capital gains needs to be taxed like wages. I have a real big problem with a person making 20K a year or less paying out federal and state taxes tho, paying for SS is fair. 20K in 2015 is chump change.
There are thousands of private equity real estate firms in the U.S.
The big ones like Blackstone, Starwood and Lone Star Funds have been around for years. They most certainly did not benefit from TARP, most of which , by the way, has been repaid.
Blackstone is the 500 pound gorilla and are among the biggest buyers in the most distressed areas, buying up run down properties when ordinary people can't or won't buy. It's a cash business with none of the usual contingencies, inspection, appraisal and mortgage.
They use " other people's money" to buy real estate assets and provide investors with a return on their investment. Other than scope, they are no different than most buyers who use other people's money to finance a mortgage.
So, this is what Barack Obama and the left mean when they rail against "inequality" and Wall Street. Dodd Frank certainly has been a big success - for the financial oligarchs!
Thanks to Barack Obama and the Congressional Democrats. Great job, guys.
Financial oligarchs? Not all property owners who lease their property to renters are oligarchs. Many of them are "regular" people. And Obama and the Democrats have nothing to do with this - rent has been on the rise since...forever.
There there's how the average size of a single family home has more than doubled since the 50's despite occupancy by substantially fewer people.
I'll second that. And, houses built today are out-of-sync with the market in some ways. I live in a house that is about 2000SF and, as a single person, it is about twice what I need.
Financial oligarchs? Not all property owners who lease their property to renters are oligarchs. Many of them are "regular" people. And Obama and the Democrats have nothing to do with this - rent has been on the rise since...forever.
[which is why I don't rent]
My parents both came from families who lost their modest homes in the Great Depression. They were ownership adverse. Like clockwork, we moved every year when the landlord raised the rent. I am talking 50 years ago.
Back when, I rented and no surprise, rent increased every year. This was in the 70's. For awhile I shared. Then I did property management work on the weekends while working full time and going to school.
This was in the dark ages before bills for Internet access, cell phones, cable TV, lottery tix and $4 lattes. People did not drop $500- sky's the limit on tats.
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