C'mon, you slaves, businesses walk away from loans all the time and continue to obtain new loans. Tishman Speyer is an infamous deadbeat RE developer who continues to obtain new financing. For that matter, jP Morgan, Goldman Sachs, GE Capital, all of the investment banks that were bankrupt received new money from us taxpayers. I understand that those who hate slaves who escape slavery the most are those who accept their lot as slaves. But please tell my why it is OK for businesses to walk away from debt, worse, to market fraudulent products, and yet continue to receive loans, but when the little guy does it, tsk, tsk, tsk.
There is nothing real about money. It can be created out of thin air for the well connected. You slaves actually have to work for it, and instead of killing bankers, you are bitching about runaway slaves. Pathetic.
Sorry, but that is actually going to be positive for home prices.
And therefore positive for everyone that actually works a job that does this weird thing involving productivity?
I don't see how anyone can spin Wall Street buying-up swaths of residential properties as a positive thing. You have said repeatedly that you don't care what the paper-value of your rental empire is, so surely you aren't rooting for valuation increases. These are the same Wall Street psychopaths that held a gun to the collective heads of all pensioners in the US in order to get the US taxpayer to pay for their gambling tab a few short years ago. These psychopathic entities should have been burned to the damn ground, not paid to receive a hand-job from the taxpayers then then handed the keys to become those same taxpayers' landlord.
All I hope is that we manage to get another FDR at the helm to gut these vampiric entities. If we don't, it'll be pitchforks and AR15's from people that have had enough, but I don't want to see that. It's too bad that the mentally unstable folks with guns are running around shooting up schools. If they directed their ire at board rooms on Wall Street, we'd be naming national holidays after them someday.
True, Prop 13 is starving the schools, but people who bought recently do pay a reasonable property tax rate. So a parcel tax on top of that is unfair to them.
The real problem is that Prop 13
* lets businesses get away with paying almost no property tax, forever
* lets landlords rake in rent and pay nearly none of the cost of police, fire, etc
* lets the elderly pass on their ultra-low property tax rate to rich children, forever
* lets the very rich avoid property tax, since Prop 13 has no means test at all
What was supposed to protect poor old people ended up protecting the ultra-rich, landlords, and corporations. Of course the people who created Prop 13 knew that all along.
Most of the "leftists" on patnet would have been considered right wing Republicans 50 years ago.
I own a business, have employees, own handguns, and advocate core family values. I'm very much against communism and socialism, I don't believe in no-fault divorce, I cheered when Bin Laden was executed, I want stronger border controls, and I don't believe in affirmative action or special rights for minority interest groups.
Apparently that makes me an extreme leftist. Why? Because I think raising taxes on rich people to a fraction of what they were under Reagan is a good idea.
We don't really have left and right in this country anymore. We have constitutionalists who still respect the American government, and we have borderline fascists who want to tear it apart.
To be rich is to control the labor of other people. To be rich is to have other people serve you. Everything else is an abstraction that obscures the fundamantal division into masters and servants.
If you just think about that for a minute, it becomes obvious that we cannot all be rich. Who then would be the servants? No matter how hard we all work, no matter how smart we all may be, it is mathematically impossible for everyone to to be rich.
So if we're going to have rich people (and I think we should have some) the question becomes this: What is the proper qualification for being rich? Here are your choices:
1. Being born into wealth and accumulating more via your mere ownership of assets.
2. Personally creating useful products and services.
If you agree that number two is the answer, that argues strongly for high inheritance taxes, and high taxes on unearned income from mere ownership, and low taxes on actual work.
There are some other options though, by thinking beyond national boundaries:
3. Importing people from Africa and making them your hereditary slaves.
4. Exporting work to poor countries, the way the US is doing with China.
Everyone on this blog is a dipshit. Except me, who bought condos and homes in Phoenix at drop dead low prices.
I am the smartest investor you will ever meet. You are the moron loser that didn't buy homes in Phoenix.
Me: the super duper star investor. You: the mouth-breathing moron that isn't me.
I will keep reminding you of my great investment decisions, over and over and over again, in case you forget how great I am.
Well, here is one of my greatest deals: I bought a van near the river for $100, did $25 work on it and a family of 4 is living in it now for $100/month. Try to learn from my success!