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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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bulldozers destroying wealth/shelter... in order to protect American freedom and free private markets... trade??? the government is to big
.
this shit is stupid we are slaves to closet sociopaths stealing wealth
well... they tossed perfectly good running used cars into the compactor, so what's your problem?
But... but... those were "clunkers!"
BTW, the "common sense" view of destroying new houses will win the day, but only because the focus will be shifted to the problem of "urban blight." So, instead of dozing the new, they will pay cities to get rid of the old, while HUD will place the about-to-be-homeless into a newer home in their inventory.
Of course, this will destroy the last supply of affordable housing for the working class poor, who are not yet on the government dole.
But it takes the idiots on CNBC to get this ball rolling first.
Roosevelt tried something similar to support prices. The idea is beneath contempt. She should be mocked for eternity for positing that inane idea.
She should be made to appear on TV with saggy boobs, yellow teeth, and no makeup. The nonsense she spouts would be immediately re-evaluated.
Why don't we just drain the water out of a nuclear reactor. Then every house for 50 miles would have to be abandoned. It's working great for Japan!!
Bulldoze CNBC and start over.
+1
Why the fuck did they ever do TARP? These dumb motherfuckers are the ones that would have been appropriately on the unemployment line and we would be on our way to economic restoration.
I had to turn the video off, it made me feel ill. How stupid can these people be?
Joe Lavorgna - 'Let's bulldoze the houses to keep the prices up'
Erin -'If we don't bulldoze them we'll be left with a glut of unfashionable green homes'
So, let's see? A house is a fashion statement and we need to destroy perfectly usable houses to keep prices artificially inflated.
Didn't the US Government destroy crops in the early 1930s to keep the prices up?
Ye Gods.
DavidC
How stupid can these people be?
This is Govt, there is absolutely no limit to these retards, look:
One bankrupt system: Medicare
Second bankrupt system: Medicaid
"I know" says Barrack Barney Frank Obama, "let's add Obamacare" a third bankrupt medical system!!!
See, just when you thought the dumb couldn't get any dumber, they top it
Didn't Bastiat deal with this conclusively about a million years ago? the level to which some of these baffoons fail basic economics is simply astounding.
Why not sell the houses at auction, require the banks to clear the inventory, and let those who expected the downturn to purchase homes at market value? The banks should suffer the loss for making Ninja loans and savers should be rewarded as has been the case since feudalism ended. The only reason banks can even consider bulldozing properties is they have an endless backstop of taxpayer money. When do the responsible bankers profit from sound decisions? When do responsible citizens profit from their patience?
These people didn't buy the government.
We don't... the problem is we have a situation where the losers have decided that if they can't win, then no one will... all will suffer together.
When pigs fly
This is what someone thinks of the idea - Saying they can go and Fu*& themselves for the thought of bulldozing the houses!
http://sherriequestioningall.blogspot.com/2011/04/erin-barnett-rick-sant...
I couldn't watch the whole clip. Rick Santelli arguing with a retarded shill and nice boobs attached to a retard.
I can see the Elites' plan now. Charge the taxpayer to tear down houses,
give the Mortgage companies accounting license to eliminate liabilities on
their books (poof!), create a housing shortage in an effort to reflate the housing
market and increase housing prices.
Screw the american who has seen wage decreases and can not afford current
house prices much less these new, proposed, hiked prices.
That's not how the final legislation would play out. By the time it left the conference committee...
bulldozing could be performed only by union workers.
Nothing could be salvaged beforehand. (Like with the clunkers for cash program).
homes would be bundled for bulldozing, and contracts would be competitively bid, with minority contractors getting percentages off on their bids.
Boards ruling as to whether a company qualified as a "minority" would get bags of cash handed to them at 3:00 a.m in dark parking lots.
The owners of the vacant home would receive a government check in the amount of the FMV of the home in 2005.
Each time a home was bulldozed, local real estate agents would receive a government check representing the commissions they lost on the destroyed home if they had ever been able to sell it.
Ditto for Title Insurance companies.
Ditto for home inspection companies.
Mortgage lenders would receive a check, too, representing the interest they would theoretically have lost for not being able to offer a 125% 5-yr ARM to a theoretical purchaser.
The new law would be named "2011 Omnibus Budget Reconciliation Act" and bundled with 3,000 similar pieces of legislation in a bill 10,000 pages long.
Tyler Durden would be the only human being who would actually read it.
The POTUS would sign it as being "good for everybody in America", and he would, for once, be telling the truth in a sick sort of way.
Best post of this blog.
I like that kick....it would be even funnier if it wasn't so true!
Does Chertoff own a bulldozer company? I figure it should cost about 10 million dollars for a federal contractor to safely and responsibly bulldoze a house.
Much of the McMansion boom popped up over prime farmland. Tough to till and plant all that reclaimed soil with thousands of concrete basement foundations littering the area.
You are right, but them boys would have no problem with the concrete. In my neck of the woods lately, with prices being so high, they been taking dozers to scrub woods and leveling out sink holes for more acres. (they are not messing with anything that had not already been done a dozen times in the last 100 years with commodity surges, so even tree huggers like me are not offended. that and I am a food lover) The problem is the ownership of the utilities. The contractor might have put them in, but they often transfer ownership to the municipality or the utility. It would take a take three one term buerocrats and 3 corresponding pensions spawned off to get a decision made to reclaim/salvage the infrstructure.
I've actually heard the "broken window example" as explained by a Ivy educated economist as a positive example of how some destruction of physical capital can be GOOD, because of the flawless logic of Keynes.
The fucker never heard of Frederic Bastiat and he thought he was a " french conspiracy theorist" when I explained it to him.
With brilliant Ivy eductaed thinkers like Joe Lavorgna I can tell the economy is going to be turning around every soon.
future so bright I gotta where shades(to protect myself from the nuclear fireball)
Casting aspersions on someone's intellect (regardless of the validity of your point) is undermined by your inability to use the proper version of "wear" correctly.
whut?
lol
Why not bulldoze some Manhattan real estate instead? Bet you'll find huge rat and predator infestations in those buildings.
Yup, lots of bi-pedal vermin in that neck of the woods.
Joe LaVorgna is a managing director and serves as Chief US economist in charge of US macroeconomic research for Global Markets at Deutsche Bank. Graduate of Vassar College.
This guy thinks we need to use Keynesian ideas to "dig holes and then hire someone to fill them up".
How about break windows so we can fix them? Did he learn nothing in his economics classes? How about asking the Chinese how that "building empty cities" is going.
This is simply the cutting edge of economic thought:
In a system where the currency has no real value, why should there be concern with spending that currency on labor activities that have no net productivity and/or that outright destroy capital?
This leads me on to a flight of fancy where I imagine Gresham's law is possibly transitive with bad money not only driving out good money, but also driving out any real, capital-multiplicative uses of that money. Following this conclusion, we may all be doomed to eventually wind up as new house de-builders, ditch re-fillers, or turd polishers of some stripe.
Some may argue this has already occured.
Why bulldoze the houses?, wouldn't we get MORE stimulus if we start blowing up houses with tomahawk missiles! That would really get the economy going...maybe nuke a couple cities as well? They could start with Washington DC. Theoretically this is completely sound right?
Much smarter. Just use HAARP and we get a Japan style recovery.
Approx. 15kg silver in every Tomahawk. Works for me.
+1 Let's go Libya on those foreclosed homes...
Clear out the old Tomahawk inventory and run up the deficit with inflation adjusted replacements...
no, let's DROP the ABANDONED HOUSES ON LIBYA!
win/win/win
um, i mean
win/win
A good thing we already have practice using these "humanitarian missiles" in Libya...we can probably think of many more humanitarian applications for missiles now that we are getting good at it.
I watched this yesterday... Rick Santelli must be reading ZH bloggers coz he almost said my line, Everything Govt touches turns to Crap
Rick was hammering the little stooge who was advocating yet more Govt involvement in a market they have already absolutely ruined with their mangling. Go Rick :)
I'm pretty sure it's a coincidence that Joe Lavorgna's employer is a major owner of abandoned and stripped homes in workers' paradises like Cleveland and Toledo.
I suggest a new law: Any person who says 'Let the taxpayer pay for it' while inserting the word "government" in place of "taxpayer" shall be executed without trial.
here here....
I always wondered why the gvt didn't give the empty homes to vets.
2 tours of duty, get a home.
America already paid for the homes, vets can have them as far as I'm concerned. Now bulldozing the bankers in the TBTFs into an pit and covering it with dirt ...
yes, good idea. property ownership is so 2000 ish. i thought they should be turned into homeless housing, paid by fannie and freddie.
we are japan.
Best idea I have heard in a long time.
F.F.S Could Fukushima hurry the frak up and kill the human race off already? OMFGWTFJFK! Honestly... Ive been waiting for over a decade now for god to put some chlorine in the gene pool. The more I watch, the more I realize just how much chlorine is actually needed. So here I sit...still... watching in horror and amazement at this train wreck we call civilization.
Here in SoFla, there already is an Association contemplating the bulldozing of a totally trashed McMansion in a gated community. No bank has yet to pay the taxes or upkeep. In fact, title is very much up in the air. The Community is talking about foreclosing on the Association dues owed and turning the property into a community garden.