The story below is happening across the country in every township, municipality, and county in America. It will take years to play out. The implications of the largest housing bubble in history, created by the Wall Street criminal syndicate, are far reaching and will affect the country for a decade. It is now five years since the bubble popped and prices are still falling. The false MSM storyline of housing recovery is growing stale. The false boom created by the criminal Wall Street banks led to massive inflows of property taxes and transfer taxes into the coffers of localities across the land. The boneheaded bureaucrats who run your towns believed these tax revenues were permanent and would keep flowing in forever. They built new municipal buildings, built bridges to nowhere, bought more cop cars and fire engines, while signing gold plated union contracts with their teachers and municipal workers.
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Actually the bubble is the responsibility of Federal policies, specifically the House Banking Committee, more specifically Barney Frank. To make his then boyfriend look good he instituted policies reducing Fannie/Freddie borrowing qualifications so his boyfriend could justify his job because of all the mortgages he was underwriting. That spiral led to overpriced, overbought homes, to the eventual bubble. The rest is history playing out.
ReplyDeleteGreat example. My next door neighbor had a home that I would have valued back then at around $60-70,000 fifteen years ago. Nothing has been improved since then. They borrowed against their already paid for in full home,then borrowed several more times over the years. Finally the husband left her, she was a gambling addict, she remarried someone just like herself and they did more borrowing, until they could no longer make the payments, both of them have always worked plus he gets a disability check. They lost the house and finally walked away. The lender had it originally priced on the market at $239,900 about 5 years ago. Now after sheriffs sale and several lenders etc. it's priced at $139,900 and no takers. Why, because it's still a $60-70,000 house.
ReplyDeleteWelcome to Salisbury
ReplyDeletethe county goverment will be broke in less than 5 years and there is nothing joe holloway can do about it!!!!!!!!! maybe we can pay for another 1/3 in a traffic study or maybe a school study. let peter angelos pay for his shorebird stadium roof and his study and matt creamer you bragg in the daily rag about it. you are double dipping and should throw in the towel like fineran !!! i wonder who will replace that 60 k gem a year
ReplyDeleteBanks should liquidate all the houses on their books for what they can get so we can get back on track.
ReplyDeleteMaybe voting will help.
ReplyDeleteWico Eye:
ReplyDeleteThe Orioles themselves have ZERO financial interest in the Shorebirds aside from paying payroll of their employees. The Shorebirds are owned independent of the Orioles. The Orioles simply supply players and coaches. The stadium staff work for the Shorebirds or the concessions contractor.
Their affiliate agreement isn't forever, and if the Orioles ever chose not to renew (like the owners of the Rochester Red Birds did to the Orioles), the Shorebirds would have zero connection to the Orioles, yet could and most likely would still field a team at Perdue Stadium.
Peter Aneglos doesn't see a dime from the running of the club. He receives no income from the Shorebirds at all.
Quite simply, you don't have a clue what you're talking about in this situation.
lmclain said...
ReplyDeleteMaybe voting will help.
December 27, 2011 7:23 PM
lol your sarcasm isn't lost on all of us.
anon 0715
ReplyDeleteI have to agree. The banks are in denial. If they would get a grip and stop asking top dollar for homes rotting away, then perhaps we could hit bottom and maybe go up.
4:30 pm is spot on. now we need to get leadership that understands how true capitalism works. get the government out of ALMOST everything and we can return to a robust economy.
ReplyDeleteif you don't vote this time around and of course vote for the "right" people; you can be certain your future in this once great nation will be bleak at best.
fruitand inbreed generic citzen:
ReplyDeletei do know what i am talking about your county tax dollar will be spent on paying for a survey of the joke of a stadium.the shore birds are past history like your crime ridden fruitland.