Now here’s a real hoot of a government policy….let’s just burn down the homes! Now, I suppose we should throw the people out first…but then again, maybe we should just burn them too.
Just listen to this video people, it’s Alan Greenspan, and burning down the house is exactly what he is advocating!
Matt Weidner and the lawyers of Weidner Law practice exclusively in the state and federal courts located within Florida. Any information provided on this website is for general, consumer education alone and no attorney client relationship of any kind is established between any consumer and the law firm unless a formal retainer agreement is executed between the law firm and client.
© 2023 WeidnerLaw. Design by OPM
As Fed Chairman, Greenspan’s policies laid the groundwork for the current economic disaster. His current suggestion to burn down good homes is just more bad policy. Burning down good homes is wasteful. Why not burn the mortgages instead, and let people live in the homes?
Nothing is stopping Greenspan from using his retirement money to buy homes and burn them down. If this is such a good idea, he should pursue it himself. Or maybe Greenspan should just burn down his own home and see if that helps the economy. How does this guy even show his face in public, after the economic disaster he and his followers caused? Greenspan gives capitalism a bad reputation.
We have an oversupply of single family housing in this country … I think we can all agree on that … we can also all agree that it was created by the Wall Street fueled housing bubble… Houses deteriorate very quickly when they are unoccupied ,, and only a small number of extra homes really kills the valuations of the remaining stock … Bulldozing homes that are chronically vacant is a drastic solution to getting the supply/demand ratio back in balance but it is the only solution that will work … Should the government purchase the houses at fair value first? Of Course … The best example of this is Detroit … we’re coming up on Halloween ,, expect to see hundreds of houses burned ,, but don’t worry too much ,, they’re only worth a few hundred dollars and have been vacant for 10 or 20 years and are nothing but crack houses…
I believe they’ve all gone mad!
No, no, no, there is not an oversupply of single family housing, there is an under supply of buyers due to the bad economy. There are families living in motels, shelters, and in vehicles who need this housing. Because houses deteriorate when unoccupied, it is better to let homeless families move into the empty homes, to breathe life into them.
Houses in Detroit only worth a few hundred dollars that have been vacant for 10 or 20 years and are nothing but crack houses are not affecting the overall housing market. It doesn’t even make sense if they have been vacant for 10 or 20 years; housing prices only began falling in 2007, about four years ago.
Existing housing stock was over-leveraged by bad lending practices for some time. Yes, there was a “housing bubble” but that was only part of the problem. A bigger problem was due to stagnant or declining wages, and declining purchasing power. People began borrowing against their home equity to make up the difference. Jobs did not pay enough, so people borrowed to pay current expenses. People’s declining purchasing power preceded the housing bubble, and is still the underlying issue.
Housing prices will never rise until good-paying jobs return to the millions of unemployed or under-employed. You can burn or bulldoze millions of homes and prices will not rise, because unemployed people can’t buy homes at any price. Banks won’t loan to the unemployed, and the unemployed lack income to pay the mortgage.
Burning or bulldozing homes is just a misguided effort to re-inflate the housing bubble that won’t work because bubbles always pop. Always.
Ross Perrot warned us 20 years ago of the giant sucking sound of jobs leaving the USA. That’s the problem. The jobs are gone. The wages are gone. The purchasing power is gone.
He said that the government buying the houses and burning them down was a cheaper option in hindsight. I know an even cheaper option in hindsight….MR. GREENSPAN, YOU COULD HAVE DONE YOUR JOB, YOU INCOMPETENT HACK.