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CNBC Video | Let’s Bulldoze The Foreclosed Homes Because the “Fixtures, the WIFI, or Whatever, Even the Color is Not Going to be Stylish By the Time Someone Buys Them”
Should Gov't Pay to Reduce Housing Supply?
The
shadow inventory of homes in the United States currently stands at 1.8
million units. That's a nine-month supply. Add to that the current
8.6-month supply of existing homes on the market and you can bet home
prices will decline further. Some say destroying the homes to get rid of
the excess supply is the only way out of this mess. But who pays?
Should the government pay to bulldoze abandoned, foreclosed homes to shed excess housing supply?
Share your opinion at the CNBC poll here...
They'd rather throw people in the streets and bulldoze the homes than work out a solution...
Ever think that they might not have clear title to these homes and the only option is to bulldoze?
And the fraudclosures continue...
www.4closureFraud.org
»
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Aside from the utter stupidity of this concept, has anyone thought about what the end game might be? Perhaps the UNs Agenda 21 to herd us all into urban areas, piled atop one another so every aspect of our lives can be planned to the second?
Are the banks saying their holding costs are more than the homes are worth?
Do the banks have some sort of way to recoup from the government/insurance if the homes are demolished? Is there some shenanigan guarantees by fannie/freddie?
You don't need to bulldoze them. Once the crackheads get done ripping out the wiring and plumbing for the copper, wait a year and they fall down.
Guess the price of commodities is scaring them, desperate to keep the ponzi alive. Just another slap in the face to the private sector if this goes through.
Screw these crappyily constructed pieces of junk - go:
http://ecopods.ca/index.php
Pssst...hey...pay me to not go to work and make my mortgage payments, why knot!?!?
Let's bulldoze any public buildings that are older than 20 years, just think of how many jobs we can create constructing new one's!
Hmmm...let's see...if we have more of our children die at war and without proper healthcare, we can create more demand at hospitals, obstetricians, medical supplies, diapers, schools, teachers.
My gawd what an idea..
The arch satan roosevelt slaughtered pigs and burned crops as the nations first price support mechanism.
Lets limit supply to stop food deflation!
May he burn in hell if anyone went hungry because they couldnt afford a meal.
Force the bankers to live in them and then carpet bomb the developments. Now that I would pay extra tax for...
But wait, what about all the illegals? let's kick the Americans out and give the homes to the illegals....and we can employ the illegals with the job of bulldozing these 'extra' homes. BRILLIANT!! right on schedule to destroy what's left of America. WWIII here we come!!
I have an old kerosene lantern and a clumsy cow if they need some help.
Here we go again, another bankster bailout.
Federal govt will pay banks (and bondholders) 100% of loan balance, take title, bulldoze the home, paying for demolition too.
Taxpayers pay the bank off and pay for demolition, and end up with a vacant lot.
Local govt loses property tax revenue.
Banks and bondholders laugh as they walk away with the money.
Banks and bondholders are always saved.
Taxpayers are always screwed.
Burn em and collect the insurance. 2 birds with one stone. it will bankrupt the scumbag insurance co's, and get rid of the houses. [and if its winter, the homeless can get some heat camping around the fire.[hmm, maybe 3 birds]
Fucking ridiculous...
gee, there is no shortage of homeless families who could get it for free and pay taxes on it.
We should apply the same philosophy to the poor and the millions of immigrants and aliens on the dole, bulldoze them, push them back across the RioGrande, and the bankers, we can use them as landfill.
What is wrong with a little price discovery?
No peeking!
Jeez, Santelli Clown,
Burnett Clown.
Lavorgna Clown.
The color will be out of style... Jeez, you would think this cunt never heard of a can of paint.
Here's a suggestion, move the entire population of northern Japan here. We get the hard working people, we get their skills,
we get the economic growth.
Burnett is getting pretty close to a "let them eat cake" moment there.
Jeez, Santelli Clown,
Burnett Clown.
Lavorgna Clown.
The color will be out of style... Jeez, you would think this cunt never heard of a can of paint.
Here's a suggestion, move the entire population of northern Japan here. We get the hard working people, we get their skills,
we get the economic growth.
Those folks are clueless. I actually think this is CNBS's attempt at getting Rick S to quit. But, he could sue them for psychological torture.
"..the old Keynsian addage if we dig holes we pay people to fill them back up again.."
"..right now we're seeing housing bottom...."
"..as the year goes on and the labour market gets better.."
this from the Chief Economist of Deutsche Bank?
Anyone long Deutsche, get short Deutsche
I have to defend the Economist. He doesn't believe a word he is saying. He works for a PD. There was a price for his soul and he is just doing what he is told...
WWFDRD?
(What Would Franklin Delano Roosevelt Do?)
We're fucked...
At least Joe Lavorgna comes right out and states his Keynesian destruction policy. Destroy everything as the starting point is always the best policy.
How about a lottery for people willing to pay taxes in those homes? That way it's occupied and people that can pay the taxes get to live in them. They have 1yr, 2yr something to stay there and never get to own the place but there gets to be some tax revenue generated and people get a place to live for a bit that may need a little repreive from the crap of the past few years to get back on their feet. A zombie solution for a zombie market.
At CNBC, what well people they had (1?), have gotten sick. And the sick ones have just gotten sicker.
I literally have not seen Erin, the Marie Antoinette moneyhoney, in years.
The last time I saw her was right before SEP '08 and she was making an insistent argument that people would get re-employed faster, if there was no unemployment compensation. "They would be motivated".
Mark Haines, who at least used to have some respect for human beings, finally started talking over her, to go to commercial. When they came back, it was worse. She had moved onto a tone of "this is the best idea ever, and why the fuck didn't you people think of it." At that point I realized she was a damaged Princess, and would have little of value to offer in any discussion would require common sense.
Soon after, I would totally eliminate CNBC of any opportunity to inflict me and my reality. (whether that be real or imagined.) Bernard Lo at Bloom's Hong Kong desk would see me through the financial crisis/recovery (real or imagined). His contempt for the American financial system was refreshing, and I am certain he is the only financial news/opinion reporter to have ever called something "such a fucking abortion" in primetime, on a major financial cable station.
Erin's will to knock down a house because it's shade of green is past fad, it is key for understanding that which is now, and will be for the coming future.
It's not that Princess has some efficiency in mind, that is a rationalization. She just doesn't want to have to look at them. It's a reminder.
I watched in horror as this disappearing act was done to Viet Nam veterans. The highest concentration of victimization in my lifetime. The metaphor was dropping coins into the cup of a panhandling veteran, so you wouldn't have to look him in the face.
This vanishing will be a growing occurence. Particularly because everybody has figured out that you can get a whole bunch of people out of the unemployement headline number much faster, by letting them fall off the charts.
This is in no way news. The % of population participating in the workforce has been steadily falling since post-2000. The way the stat nets out, is indication that a good percentage of those bumped out, didn't get back-in in any meaningful way.
The big loss on CNBC is Rick Santelli who like many, are collapsing under the weight of an ideology, while his common sense had served him so well in the past.
I've got a great idea Have National guard, and homeland security do the demolition, they use up armaments in turn create a greater demand for military hardware. Have even turn it into a reality series "Demo Wars" .
We're gonna hafta Pull'em. Hey It worked for the Twin Towers....if you don't count the thousands dead...and really what outta control goverment does?
Joe Lavorgna is typical of all the shill economist on the Bankster, FED, Ivy League merry go round. This is why housing and most other financial problems are not recovering. CNBC gives this guy an open platform to spew his propaganda almost every day. How are we going to fight this? Congress is clueless and Obama has been bought and paid for.
There really are not enough of us out there with functioning brains left who want to connect the dots. We are truly screwed.
One high rising apartment building in San Jose downtown still shows a big flag: "3.5% down". Want to know which of you neighbors walking without underwear, Search 'forclosed' + 'your street name, city name' at Bing.com
I know this is a silly question, but where is the debt going to come from to "buy" the new houses which will be built after the old ones are torn down? Everybody seems to be maxed out, from what I can determine. Has anyone thought of this, or am I just being a Gloomy Gus?
Ladies and Gents.
With our current monetary system, this makes perfect logical sense. It is completely insane, but under the logic of a debt based monetary system bulldozing all the excess supply is the best thing to do to make sure prices recover.
We can't have demand being met, now can we.
You may want to read what Silvio Gesell had to say on the subject.
I've got news for everybody. This is already happening via federal government subsidies. In fact, this has been going on for years. It's a shame that it's come to this. The cities are tightening rental property guidelines to the extent that any inspection could land your property into condemnation.
When you have judges in these counties decide if this is ok or not, you have a huge biased against the homeowner.
This isn't only against landlords, this is also goes against homeowners who are forced to mow their lawns and not keep their homes in tip top shape. If a homeowner doesn't follow these rules, most of the time the minimum fees are over $200 per lawn mow, trash clean up around the garbage, etc. If it requires paint or repair they will fine you out of your home.
These guys have no clue of what happens to homes in foreclosure or not. Obviously if it's owned by a bank and has been vacant for a long time and not kept up, there's a problem. Right now though, may cities are showing no mercy and give these peoples fees wheather or not they had a notice prior to any fine or services.
i was horrified when i saw this. couldn't believe it. and ever rick was just complaining that he didn't want government money spent. just mind numbing that they spoke about this...seriously...and for a long time! shoot me
No body, no crime....
Habeus corpus bitchez
This just in, CNBC finds the cure for cancer.....a gun. Can also be used as a cure for hunger, homelessness, joblessness, and anything else having to do with a person. A true one size-fits-all final solution.
Tired of paying too much for gas?? Drive your car into a tree!
The FCC should revoke their license, do they even have one on cable?, if they said something that stupid.
..and of course as mentioned above by someone, the people demolishing, wouldn't ven own the titles, thus wouldn't every demolition be a crime? Yes.
Forget a real solution. Goose supply/demand numbers by throwing people out of their homes for which there is no note, and then burning them down! I guess we can call that the 'new american way'...except the chinese beat us to it.
Video puts the whole thing in perspective. Ah, it's not stupidity, it's to weaken the country.
http://www.globalconflictmaps.com/category/economics/
Makes perfect sense since the govt is an expert at destroying things: currency, economy, jobs, middle class....
.gov does two things, kill people and break things. This whole topic is just a discussion observing this simple fact.
http://www.youtube.com/watch?v=ZsgOaCZ2Lag
And if you research 'bulldozing' you will either laugh or cry depending on what you are...
Typical Wall Street logic. Banks do not want to pay for all of the maintance, taxes and fines on the vacant houses they own. So, now they want the GOVERNMENT to tear them down to save on all of the above.
Municipalities must be getting on the Banks for the condition of the propertys they foreclosed on. So, now the solution is to have the Government tear them down so they can get the tax write off and not have to pay taxes on an improved lot. This will cost the Municipalities tax revenues. In Baltimore they do tear down vacant, abandoned houses but the do as Santelli says and charge the Owner of record.
Just the Banks trying to get yet another free ride.
There are a couple more steps.
- The structure is demolished.
- The bank defaults on the property taxes.
- The property goes to auction in a tax sale (which cures the title after a period of time.)
- The purchaser at auction is stuck with the demolition and cleanup bill. At least that is how it works in this county.
Depends. If price > cleanup costs, then no purchase occurs... the property sits on the state's books in perpetuity. Although, if the taxpayer who owns it (bank maybe?) doesn't pay the taxes, I suspect they can expect to have a lien on whatever property lies in the state...
The houses in question are the evidence of real estate price manipulation by the banksters, who are also claiming to own the evidence. If they can destroy the evidence they can solve both problems at the same time, and then get the taxpayers to pay for the destruction outright or by deducting the expense. An idea this devilish could never have been dreamed up in the pea brain of the mind-slave anchorwhore.
FDR's 5th Term.
This is where Keynsians are exposed as being patheticly stupid. Houses are wealth. Destroying houses destroys actual wealth. Destroying houses does not help the economy. Ask Japan.
How about they price them where they belong? The housing market reminds me of sports teams who have 5000 people in a 60,000 capacity stadium and refuse to lower ticket prices to where people would actually buy them.
Is there ANYONE who thinks CNBC has anything worth watching?
This is a new low of intelligence. Just reduce the fucking price enough to find a buyer.
Tear it down is the zenith of stupidity. Fucking Central Government planning.
We have already seen the destruction. Why stop at this go and toll up everything to the Govt and hang the Socialist Flag and call it a day. Nikkita Khruschev
They actually did demo dwellings during the Great Depression. The FDR administration also ordered destruction of crops and livestock to support farm prices.
Everything old is new again.
Man, in 2008 on the Calculated Risk blog, we used to joke about this...f**king unreal...or surreal...or something with f**k in front of it...
Stupidest thing I have seen in a while. It really makes me think the country is going down the tubes, when this is debated on the financial channel. Let the prices fall more and people will buy them...boom...inventory gone.
If this program (destroying houses) would ever come to pass, just think how every stupid thing the government has done in the last decade would come full circle. Easy money creates TBTF banks who help create a huge housing bubble. Banks go belly up and get saved by the taxpayer. Homeowners go bankrupt and the government tries to save them too. Even after all the support, the banks are still insolvent and the housing market has not recovered. So.....soak taxpayers to destory the houses...and start all over again...all on the backs of the taxpayer. Wooohooo, when do we get started :(