This Is How Detroit Politicians Will Screw Over Their People
You may have heard of a Detroit housing crisis. Many houses in that city are either foreclosed or about to be foreclsoded. As a matter of fact, the things there are so bad that “about one third of residential lots are vacant or contain abandoned homes“.
But things are not as bad as they may seem. Besides the fact that bankers are happy and politicians are therefore happy too, there really seems to be no bright side. But there really is a bright side. But this bright side can be visible only if you are the son of a banker. Just kidding, the bright side is something else:
The survey conducted in August and September found 219,511 occupied homes, 33,529 vacant homes and 91,488 vacant lots. It also said 86 percent of homes appeared to be in good condition, while another 9 percent needed minor repairs.
But there is an even brighter side. Detroit’s politicians, happy with this, have issued the following statement:
“Since we have so many houses in good condition, we are going to work closely with banks to let them foreclose even more houses.”
The people of Detroit report that the politicians there have never been so happy. Now that they can offer even more property to banks, they can look forward to even bigger bribes. Is not it the reason the people in Detroit elected these wonderful people? Why else would anyone become a politician but to take bribes? Then, according to this logic, Detroit politicians have done a good job.
This said, Detroit politicians did meet with some laughable “resistance”. But it can hardly be called resistance, but rather a good-humored joke.
When Detroit politicians were conducting an auction to sell off foreclosed properties, a guy dressed as Batman showed up. He offered to pay ten times more than the minimum bid, then said: “I’ve been inspired by Batman movies. I welcome all Batman fans to do the same.”
Then it turned out he didn’t have any cash, or assets, or any kind of property, except for that Batman outfit.
Luckily, Bill Gates said he would donate a few bucks to help the people of Detroit. Philanthropy is best when Bill Gates is doing it. Few bucks will sure help them.
But the truth about this crisis is far from funny. It is sobering. So here are a few words of it, as reported by Workers World:
The banks knew these subprime loans would fail when they made them, but they didn’t care because of the massive profits they made — until the bubble burst, at which time the banks were bailed out by the taxpayers and continue to be bailed out to this day. Most mortgage loans are owned or backed by such federal government entities as Fannie Mae, Freddie Mac and the Department of Housing and Urban Development. The federal government pays the bank the inflated value of the mortgage and then evicts the homeowner.
As early as March 2007, the Moratorium Now! Coalition to Stop Foreclosures, Evictions and Utility Shutoffs pointed out to Democratic Gov. Jennifer Granholm that she could declare a state of economic emergency under Michigan law and place a moratorium on foreclosures based on the 1930s Mortgage Moratorium Act, which was upheld by the Michigan and U.S. Supreme Courts. Granholm explicitly stated, “The banks wouldn’t like it.”
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