Good, fuck the real estate industry and all the misery it’s caused.
However I’m skeptical because so many of the ruling class own real estate that I can’t see them letting this happen. Bail outs will probably happen or some shit.
I would normaly be like yeah for sure their geting a bail out but, I’m starting to think fincial capital has run its course, a lot of the bougi internal discourse is over restoring industrial capital and moving into some new ism, neoliberalism is dieing on the alter right now, globalization is evaporating to everyone’s suprize and the fincial capital returns are being to depressed as intrst rates spike, rent seeking is becoming less viable,
I’m willing to stick my neck out on this and say what ever new captlist ism that is coming next to being built right now but it will be like neoliberalism where it mutates out of Fordism. Here is my rub tho the profit rates are low accoss the board with reshoreing coming its possible the rent seeking nature of neoliberlism might get crushed out in this new mutation, like how high productivity got crushed out of fordism
But yeah they probley gonna get check in the mean time.
I’m betting the new ism they want is not going to be good and it certainly won’t be socialism :ohnoes:
True some of the set up they have done so far was geting ready to crush labor who is already crushed and mediating this issue by having less kids and lying flat or whatever its called, I think the investors are gonna see extra costs like paying for lay-out landlord making them pay their workers to pay them again fat to be culled. :marx-joker: they are also looking to run a deskilling campaign agnisy the pmc or white collage people, ask your self what is the end game of chat gpt types modeles its to deskill people and make education not a premium pay paper anymore. Their is a sick part of me being :nicholson-yes: as lived though the deindustralizaion peroid.
Maybe Big Finance wants a war with China to re-industrialize the US economy?
i mean you bail them out and then what, is the big question right?
a bank that fucked up is still a bank, you know. parasitic or not its still a part of the economy. an abandoned mall in the middle of nowhere stays a ruin. an entire industry of abandoned commercial buildings would need a national infrastructure plan to be converted into something useful. and that’s still a spiral of death.
you turn these into housing. aren’t there already more houses than needed in the US? are you gonna open the floodgates to get more migrants or are you gonna lock down that market even harder?
ultimately even a capitalist society has options you know, rational things that keep capitalism going. late stage seems to be the time when none of them are tenable.
We already had the repeat of 2008 with regional banks failing. There was no huge crash because everyone was assuming that the government will just bail out the system. And they did, the Fed bailout facility for regional banks is at ~$1.2 trillion. Big banks got the healthy part of the regional banks for free, the government took care of the rest.
A real estate crash will be similar, but normal homeowners will (like in 2008) not be bailed out.
the maoist uprising against the landlords was the largest and most comprehensive proletarian revolution in history, and led to almost totally-equal redistribution of land among the peasantry
This coming at the same time of a lot of venture capitalist scum whining about work fro–home being “bad for innovation” makes me :picard-excited:
I think there are other factors at play with regards to the reduced demand for commercial real estate besides blaming the millennials for wanting to work at home
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The trend towards “Skeleton Crewing” My S.O. was an executive assistant for big CEOs in the eighties and nineties. By the mid 00s every piddling office job she looked at wanted a multi-hat secretary-account payable-personal assistant-tax accounting etc for lower wages than she had before.
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Like the caller said, commercial renters are looking at the commercial real estate culture and saying, you know what…having a fancy office isn’t that important that we can’t convert that into bonuses for management so we downsize our office willingly
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Just kinda speculation here, but huge capitalists buying up all of it because like the caller said “money needs a home” and these hedge funds have so much money now there’s literally nowhere to invest it so they buy up commercial and even residential real estate just to have somewhere to put their money and being out of touch with the market of renters they have unrealistic pricing.
Anything I missed? I may be a boomer, but I’m sick of blaming millennials for the woes of capitalism
and they know society is going to collapse so they’re buying up all the land/housing because it’s the only thing that is guaranteed to have any value
The biggest landlords are the scourge of every city government.
In Portland, they got mad at the progressive DA (well, more progressive than the other guy endorsed by the police union) we elected during the 2020 stuff. They tried to pressure him at a private club lunch to hire their white-shoe lawyer friends to increase prosecutions. They have big billboards downtown with his face, trying to blame him for being soft on crime and that somehow is why businesses are vacating their properties downton, but like the billboards look too pleasant. It’s kinda funny.
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