HowardNassau County NY and Real estate
Real Crash- Looking at the Financial System and the War Drive:
Let it Bleed
As the crash hits,
In the cold, there's lots of bleeding;
And if you want to babe,
You can bleed on me;
(Let it Bleed, Rolling Stones Spoof)
By some measures, Nassau County, NY, just east of New York City, on Long Island, is the richest county on the planet. It took a long time for the mortgage, real estate crisis and foreclosures to hit here. The bubble wasn't here like in other parts of the country, most of the area has been built up for a long time with significant areas of new construction. Finally, the crash on Wall St. has led to the destruction of jobs.
Illegal aliens who make up large parts of the construction workforce are losing their jobs. In some cases they are not being paid for work already done. There is a big write up in the New York Times article, In the Cold (link) with more details. Bewildered and ashamed citizens are coming forward, including elderly who lost their savings in the death of the magic money machine, and are now homeless. Towns are hit all over Long Island, from Freeport in Nassau Co. to Riverhead, at the eastern tip of Suffolk County. Time for LaRouche's Home Owner and Bank Protection Act. Also need a new Pecora Commission, like the famous one that sent Charles Insull to jail in 1933. The Madoff fund collapsed has hit charities and top universities, from Yeshiva Univ. to NYU.
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Real Crash