Opinion Editorials, July 2007
June 2007 Opinion Editorial Links
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There goes the neighborhood: Is the White
House bringing property values down in DC?
By Jane Stillwater
ccun.org, July 2, 2007
According to the Washington
Post, "The recent decline in home prices and the meltdown in the
market for subprime mortgages are the first signs that the air is coming
out of the credit bubble. Already, those factors have shaved half a
percentage point off the economic growth rate. And you can be sure
that there will be a much larger impact on jobs and incomes from a broad
decline in stock and bond prices, a sharp tightening of credit and the
turmoil that both of those will create in the murky derivatives
markets."
Geez Louise!
There goes the neighborhood! And Pennsylvania Avenue used to be such
an upscale place to live. Don't you just hate it when someone moves
onto your block, lets his home go to seed and brings all the other
property values down? To say nothing of having to start to lock all
your doors at night before your stuff gets stolen and start watching out
for your kids. Now kids can't run free through the neighborhood
any more. And it used to be such a family-oriented place. Now
you gotta spend all your time worrying that the neighbors down the street
might be selling them drugs, recruiting them into gangs or Lord
knows what else.
According to Robert
Cook's recent article in Global Research, it's those raunchy
slumlords at 1600 Pennsylvania who are deliberately bringing property
values down. "Among those poised to profit from the crash [in
housing and stock prices] is the Carlyle Group, the equity fund that
includes the Bush family and other high-profile investors with insider
government connections. A January 2007 memorandum to company
managers from founding partner William E. Conway, Jr., recently appeared
which stated that, when the current 'liquidity environment -- i.e., cheap
credit -- ends, 'the buying opportunity will be a once in a lifetime
chance.'"
Good grief!
These bums aren't just some down-at-the-heels trailer trash who are
too lazy to mow the front lawn and give the White House a fresh coat of
paint. These guys are sleazy wheelers-dealers who are DELIBERATELY
bringing the neighborhood down! That's outrageous. There
goes my equity.
As the Washington Post
cheerily informs us, "Without the billions of dollars flowing each
year to financiers and corporate executives, there will be less money to
trickle down to car salesmen, yacht makers, real estate agents, third-home
builders and busboys at luxury resorts. Falling stock prices will
cause companies to reduce their hiring and capital spending while
governments will be forced to raise taxes or reduce services, as revenue
from capital gains taxes declines." Sheesh, guys.
There goes the neighborhood.
Maybe we should try
to sell now and get out while prices are still relatively high?
According to TruthOut real estate expert Dean Baker, however,
that is no longer a viable option either. "The latest data on
housing sales showed that the inventory of unsold homes climbed to 4.4
million in May, yet another record." Guess we'll just have
to do what our neighbors at 1600 Pennsylvania Avenue have done -- rent out back
rooms to illegal tenants from Halliburton and/or sell out to K
Street. Sigh.
Jane Stillwater http://jpstillwater.blogspot.com
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