Good Morning and Happy Easter
(Cute illustration eh? Little fucking rabbits…or should I say little rabbits fucking? Well, about to at least.) Oh my, that is a bit too sordid for an Easter Morn, is it not? I don’t know, everything is still a bit hazy since Bebe got back from Chicago. I have a couple of extra teenage “other people munchkins.” Friends of my son spending the entire long weekend with us…lets just say the big ham is already gone, and it is now 2 am Saturday night.
Quick links to headlines:
While CNN has the figure up two : Death toll from South Korean ferry sinking rises to 52
This next article from the Irish Times is big news: Third mate was steering ferry for first time ever before capsize
In the grocers corner, NY Times: General Mills Reverses Itself on Consumers’ Right to Sue
Enjoy your bacon and OJ now, because that stuff is going to get even more expensive: The 10 Fastest Rising Food Prices – 24/7 Wall St.
But that is okay, because you probably will not be able to afford the bacon anyway…since you have to deal with this shit: After foreclosure crisis, renters suffer under Wall Street landlords | Al Jazeera America
The poster child for the foreclosure crisis has been a middle-income suburban family. But low-income urban renters also saw their buildings over-mortgaged at the height of the crisis, and now faceless hedge funds and nameless investors are replacing their desperate landlords — sometimes with disastrous consequences.
Six years after the foreclosure crisis helped tank the world’s economy, investors are snatching up “distressed” properties — those that are in foreclosure or facing foreclosure — and seeking to turn a profit on them. Advocates for affordable housing worry that this profit comes at the expense of tenants.
Joanna Paulino knows this all too well. She lives in a lower-income neighborhood in the Bronx borough of New York City. Her home is a prewar building, a once attractive structure like many others in the city’s outer boroughs. But after years of neglect, it is crumbling; there are more than 140 violations registered against the premises.
Pathetic and disturbing.
Over the last several months, Wall Street firms have snapped up an estimated 200,000 single-family homes with the intention of renting them out. The New York–based hedge fund Blackstone Group is now America’s largest landlord of rental homes after purchasing over 40,000 foreclosed single-family homes in 14 metro areas around the country, from Atlanta to Phoenix, to convert into rental properties. But certain investors are also snatching up “distressed” urban rental buildings like the one where Paulino lives in the South Bronx. Unbeknownst to many low-income renters, their buildings were over-mortgaged during the bubble. In New York, many of those buildings are due for refinancing now — making them vulnerable to acquisition by hedge funds.
“Since these buildings are so over-mortgaged,” said Harold Shultz, an affordable-housing expert who works with the Citizens Housing Planning Council of New York, “the likelihood is that they are not going to be able to be refinanced.”
Desperate landlords and banks are looking for new owners and investors. And Wall Street is ready to step in and help out.
These groups often purchase buildings sight unseen, with little knowledge of the conditions a foreclosed building might be in. Sometimes, especially in the case of apartments, foreclosures can take years to resolve.
So while old owners, banks and new owners or investors sort out the debt, buildings languish in disrepair. And when an agreement is eventually reached, there is no guarantee for tenants that conditions will improve.
I will use those last few stories to tie into the post that Boston Boomer wrote Friday: Friday Reads: American Oligarchy, South Korean Tragedy, and Hillary Under the Microscope | Sky Dancing
Where she focused her post primarily on the study results of Martin Gilins and Benjamin I. Page of Princeton and Northwestern Universities, and a recent article by Larry Bartels, a professor of political science at Vanderbilt University.
The word Oligarchy and its various forms were used heavily throughout. (I always have to sound out the word oligarchy in my head when I am reading that word to myself. Even then I am not confident my mind’s voice is pronouncing it correctly.) 😉
On Friday I found this op/ed while looking for cartoons and it struck a chord, but it did not give an answer: How Not to Talk About Wealth Inequality by Tina Dupuy
Have you heard we live in an oligarchy? Perhaps you’ve been told America is a plutocracy? Is that because of widespread demagogy?
Circumlocution: a big word meaning using unnecessarily lofty words to express an idea.
Welcome to the baffling world of liberal-speak.
Oligarchy, plutocracy and demagogy: The holy trinity of sesquipedalian polysyllable liberal loquaciousness.
This language liberals, in particular, have chosen to talk about elitism is, well, really snooty. When we talk about a tiny fraction of people having undue influence on our politics—we use words barely anyone understands.
Marinade in that irony. It’s like if we were broadcasting NASCAR only in Latin. Oligarchy? That sounds like a German cabbage dish. Demagoguery sounds like a flourish in square dancing. Plutocracy sounds like we should just be friends.
I write for a living and these words make my eyes glaze over. And they’re used all time, often by well-meaning liberal-types attempting to advocate for the have-less in this nation. Case in point: Paul Krugman. His columns “Oligarchs and Money,” “Oligarchy, American Style” and “Graduates Versus the Oligarchs”—do cover how economic policies favor a fraction of 1 percent of Americans but his go-to word is comprehended by even fewer.
Go see what else Tina has to say. One thing she does not mention is some examples of substitutes for Oligarchs, Oligarchy etc.
More on this after the jump… Read the rest of this entry »