Real estate speculation has reached the South Bronx. The photo is the site of a new construction of a 1-million square feet mall in the South Bronx, but will the US economy collapse before the project is completed in 2009?
It is well known in the Democratic party that the middle-class is being ground up like a hamburger. Look at the latest caper of the Blackstone Group (link). As everyone knows, the US and other real estate markets around the world are collapsing, and yet they put in another 11% to go up to $38 billion, in order to grab these little REIT of 600 commercial buildings, the so-called Equity deal. It's almost like there is a desperate effort to buy anything that is remotely real by people that have cash, and to do anything to get out of cash. Is that because the dollar is seen as ready to collapse? Could be.
In hearings at the US Senate economic committee, former Treasury Sec., Bob Rubin, will reiteratedwhat is already known about this collapse of the lower eighty percent of the population. And while you are at it, check out what the old geezer (link) is saying about how to run a national capital budget.
