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Well you won't have a choice, probably. Read this article, ALL the way to the end. It's a bad joke, with an almost hidden punchline.
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Wide Fallout in Failed Deal for Stuyvesant Town
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We're talking Billions of dollars worth of NYC real estate that's had its value cut more than in half. But, as with the rest of the country, it was not really worth the billions stated. It was worth that, only on paper, boosted by speculators, looking for the long ride profits. Then this bubble thing happened. Now the speculators want the bubble makers to back new loans.
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It's an interesting read. Just don't read it if you have a weak stomach.
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Schteveo
3 comments:
This is nothing new here in The Big Toilet. Ooops, i mean The Big Apple. The robber barons, along with their corrupt political pals are always looking for ways to carve up this town and steal every cent they can get their hands on. In fact, one of the toughest questions for NY'ers is, who's more corrupt, politicians or land barons?
http://www.nydailynews.com/ny_local/brooklyn/2010/01/27/2010-01-27_atlantic_yards_project_got_extra_31m_from_city_to_buy_land.html
So Fannie and Freddie took a big hit financing it the last time, but they will now loan out money to the next guy that is stepping up to the plate to buy a property where the government will tell him that he can't charge rents high enough to pay HIS dent service, and HE will go bankrupt, and Fannie and Freddie (read, US) will take it in the shorts again.
Jesus, I just can't believe this. You can't run a hotdog stand with thought processes like these bastards are trying to use to run our entire nation.
GD'd if Goob didn't get it too. Almost as wily as the French.
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