Friday, January 08, 2016
Bailout and Speculation
Seven years down the road from the
2008-2009 Wall Street bailout -- that in real dollars totaled more than the New
Deal programs, World War II and the Marshall Plan combined -- this massive transfer of
public wealth to the private finance sector is now putting another wave of
people out of their homes due to real estate speculation.
The problem is that there are not
enough alternatives for investing that much money, which explains why rents are
spiraling out of control in San Francisco, Portland and Seattle--compelling the
governors of Oregon and Washington to declare a homeless state of emergency.
