Dr. Benjamin Shalom Bernanke, AKA Dr FrankenFinance, Blew Many Bubbles In The Finance Capital - NYC Condo Prices Are The ONLY Major Market To Rise - Here's How He Did It

Reggie Middleton's picture

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max2205's picture

Ben will suck your nasty cock if it means saving the SYSTEM. don't you know he is highly studied in the great depression. He'd lose hairy face if all this went south again.

johnQpublic's picture

velcome to your final apartment juden.....

anony's picture

So the richest are into richiness?

And theBernank is only to happy to help his Temple buds?

On the other hand the concentration of these avaricious clowns makes it easier for a terrist to take them all out at one swell foop.

What must make these zionists immune to any criticism is the Holocaust. They feel themselves entitled, chosen.

irishlink's picture

Phew!What a great relief to see that Ireland is not the only country with blocks of apartments that will lie idle for years to come! The bloody planners and regulators were all asleep at the wheel. The ESRI were the worst offenders when it came to providing factual up to date information. I always believedthat the advance of technology would help us streamline information. Underestimated the power of greed and human weakness for rose tinted vistas of the future. Thanks Reggie, always look forward to your posts.

johnQpublic's picture

i was looking for a nice condo in new york city within rock throwing distance of wall street

geno-econ's picture

Wonderful work Reggie.  Unfortunatly not reaching the ears of policymakers who are beholden  and hostage to Bankers and Wall ST.  Need additional venue for this type analysis with support of voter groups. Why not volunteer to act as economic advisor to Tea Party movement so briefs can be submitted to Congress and others for the record. Sky is the limit if you have citizenship !  Keep up good work

buzzard beak's picture

Yep, Alan Greenspan revitalized Manhattan but Giuliani gets all the credit, even now after it's been exposed that his police chief was living in a mob apartment. (Oh, gee, I guess I didn't vet him very well, says Giuliani, err, maybe because he was an old close personal friend.)

And now it's Ben's job to keep those condo prices inflated with a manic splash of subsidized credit. Pump up those Wall Street bonuses. Help those REITs roll over those dubious debts. Keep those poor sods paying on those underwater mortgages. Sure it's throwing good money after bad, but it ain't Ben's money, so why should he worry? Lord forbid that property prices should come down to the point where rental yields might actually exceed the cost of capital. Not in Manhattan, that's inconceivable!

Meanwhile, far, far away in a mysterious and unknown land called Queens, we hear there's co-op buildings that are getting close to underwater just from their underlying mortgages. The equity left in the actual apartments, before any mortgages on them, is getting down to the $50k each level. Good thing us important people never have to go out there.

10kby2k's picture

 

Reggie--

I hope u have health insurance. I hear Benny is at adept at MMA as he is central banking control.  And he pisses off very easily.  Ask his husband.

Reggie Middleton's picture

Luckily, I'm quite skilled at MMA myself. I'm thinking about posting pictures :-)

bronzie's picture

every major city has a glut of condos that are yet to be completed / sold - and they will never sell for the prices that were projected by the builder / developer

perhaps NYC and Washington D.C. are the exceptions to my generalization

San Diego has literally thousands of high-rise condos in the downtown area that are unfinished / unsold - Boulder, CO has 390 units in a single project (Pelloton on Arrapahoe)

since newly built units aren't typically listed on the MLS it is a challenge to count these yet-to-be-sold condos - travel through any major city and pay attention, the situation is obvious if you are looking

Reggie Middleton's picture

perhaps NYC and Washington D.C. are the exceptions to my generalization

No, they are not. Many of the developers from who broker ground from 2006ish to 2008 are mostly wiped out, and the banks are taking the balances of the losses. Many condos have been forced into rentals with a cramdown from the bank. Others are being sold for whatever they could be sold for. Even many of those are at risk because the level of proforma maintenence fees are unfeasible. We shall see.

TruthInSunshine's picture

Jorge Perez was a billionaire & Miami's 'Condo King,' and was wiped out in just this fashion.

In most hotspots, such as Miami (and much of Florida), Nevada, San Diego, etc., banks still have not written off more than 30% or 40% of the bad loans, on developments started during the boom, where the units can never be sold for break-even, and they aren't even finishing construction, as that would just add to the carrying costs.

In formerly booming areas of Florida, including Brickell Avenue in Miami, HOA fees have gone up 200% or more in some condo buildings, because fixed maintenance costs remain the same, but the number of units that are occupied dwindles more and more, as people can't keep pace with their tax, HOA and insurance (if they can get it) costs.

Very few people know the extent of the massive losses still sitting, but waitin to be declared, on bank and other lender balance sheets - including the Federal Reserves, which purchases a lot of this toxic garbage through TARP & TALF.

There are literally subdivisions with model homes, but which the streets and sewer and underground (electrical, etc.) is not finished, in California, where banks are tearing down the model homes, because of carrying costs, and because they do not want or can't afford to finish the streets and underground utilities.

Bernanke, Congress & The President have all conspired to 'kick the can,' taxpayers are going to be saddled with the losses via Freddie, Fannie & Bernanke's balance sheets (Treasury & Geithner were in on the scam, too).

Extend & Pretend, Socializing Losses and MARK TO FANTASY (or don't even mark the value at all)...part of this "recovery."

But hey, Bernanke is making sure seniors and savers are getting 1% on their money markets and CDs.

This, too, will end badly. Bond markets will take back control, no matter how magical (or galactically stupid) Bernanke thinks he is (or is).

alagon's picture

His Jewish friends are rubbing their hands and smiling.

slewie the pi-rat's picture

 

pushin back, non-violently is the key.  sheep are hard to organize!  baaa. poor us, eh.  Haha.

i'll try to get back to this.  t.y.

i am tryng to consider how Bechtel is involved, and what their plays are.  privately-held, no-peeky forever, yet so VERY closely related to all these others.

something to consider, perhaps, for others, also.

TruthInSunshine's picture

I refer to the rise in Manhattan residential real estate prices as the 'TARP/TALF/QE-POMO/Sack-Frost' wealth effect.

 

Seasmoke's picture

Are the doormen fees included ?

covert's picture

you would have the worst neighbors. I recommend the bronx.

http://covert2.wordpress.com