HowardWhat's Up With Commercial Real Estate
October 5th 2009 00:29
Real Crash- Looking at Capitalism and its Laws:
Jumpin Jack Flash, Real Estate Crash- Rolling Stones
While the real estate bubble has popped, there is also the commercial real estate situation. Like the new malls being opened in the South Bronx, NY by Yankee Stadium and in East Harlem by the East Side Highway. Doesn't this stuff have to pay debt, mortgages too?
Now, the economy, which was trying to absorb the effect, of the breakdown of the homeowners' mortgages, and the banks affected, is now about to be hit with a much {bigger} blow, of the same type, but in an economy which has shrunken, in the
meantime. This commercial mortgage business, is the kind of blow which, in and of itself, could, at this stage, {sink} the entire economy, overnight.
{This system is now coming down!} We're at the end of the line, on this trolley car run! And the end of the line is {right up there}! And what people don't realize, what they try to pretend
not to know, is that this situation can collapse totally, {on a single day}. That's the potential: That's the nature of the problem. That doesn't say what day it's going to collapse on.
But it says, you're in a period, where {that's} the problem. If you don't change the system -- you'll come to the end of the trolley car run, because everything is piling up.
It's your shoppin mall;
Yeah, but in fact it's a gas;
It's your office towers;
I'm Jumpin Jack Flash, it's a real estate crash;
(spoof, Rolling Stones, Jumpin Jack Flash)
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