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Since The Fuse Is So Short, There Is A Lot To Lose

A weekend topic starting with The Atlantic. “Advanced by an unholy alliance of cynical property owners and misinformed activists, the argument goes like this: If local governments were to remove the arbitrary zoning barriers that are behind America’s housing shortage, developers would build only luxury apartments and condos. Such housing would be leased or sold at price points well beyond what regular working families can afford. At best, these units would sit empty as ‘safety deposit boxes in the sky,’ doing nothing to ease the affordability crisis. At worst, all this new luxury could trigger higher housing costs, as developers rush in to demolish older affordable units and throw up residential towers.”

“At the risk of stating the obvious, luxury is just a marketing term. Much of what is eagerly cast today as ‘luxurious” is run-of-the-mill new or refurbished housing. Developers and real-estate brokers are not in the modesty business—they’re in the business of building, leasing, and selling homes, which depends on a flair for hyperbole. No recently built apartment or condo is merely ‘new’ or ‘nice.’ It’s luxury housing. Thus, a pleasant if unremarkable student apartment building in my neighborhood near UCLA might promise prospective residents ‘a life of luxury and endless comforts.'”

“This story has captured the minds of many local policy makers. But it’s nonsense. For all the NIMBY pearl-clutching over the construction of luxury apartments and condos, American cities aren’t building enough of them. The best-kept secret about luxury is that, if you keep building it, eventually there’s enough for everyone.”

The Vietnam Express. “An apartment project with a record-high price tag of $18,000 per square meter has recently been launched in HCMC, showcasing increasing demand in the luxury segment. The price tag is 2.6 times the luxury segment average in the city at $6,900 per square meter, according to CBRE. Most real estate consultancies define a luxury apartment as one that is priced $4,000 or higher.”

“The boom in this type of apartment is changing the structure of the real estate market. The luxury segment accounted for 39 percent of total apartment supply in HCMC as of the end March, exceeding the 20 percent of the high-end segment, according to CBRE. However, observers are concerned about the imbalance this implies. Nguyen Loc Hanh, CEO of HCMC-based Asia Gem Real Estate Investment, said that 39 percent is too large a ratio for the luxury segment and it does not represent a sustainable real estate market.”

“Experts have been advising for the last several decades that the ratio is kept at just 1-2 percent, he noted, adding the the current ratio shows developers are only aiming at very rich buyers. Other industry insiders say that there is still a lot of ambiguity on the criteria for the luxury segment, and that it is too early to identify whether the record-high prices correctly reflect the value of the asset.”

The Globe and Mail in Canada. “I don’t think BMO economist Robert Kavcic would disagree that some major Canadian centres need more housing supply, but his point here – that housing listings are running well above year ago levels and partially addressing the supply issue – is important.”

“‘Contrary to the perception out there, new residential listings in Canada rose to a record high in March. The market is indeed drum tight. But, look at the chart and decide what looks more out of balance? The denominator (supply being too low)? Or the numerator (sales being too high)? Hint: It’s the latter (i.e., the red line surging off the page). In fact, on a seasonally adjusted basis, new listings are now running 25% above pre-COVID norms (we use all of 2019 here as the baseline). Sales, however, are running almost 75% above that level. We’ll reiterate that this acute surge in demand is exaggerated by massive federal-to-household transfers, the promise of low-for-long interest rates, engrained expectations of price growth, fear of missing out, and likely some speculation.'”

The Commercial Observer. “A ruling by Justice Jennifer Schecter in the First Department of the Appellate Division of the New York Supreme Court last month has made it more difficult for borrowers and their counsel to claim hardship and economic uncertainty caused by the pandemic as a reason to enjoin, or avoid, a UCC Article 9 foreclosure auction.”

“The decision, in Shelbourne BRF LLC et al. v. SR 677 Bway LLC, has also likely ‘opened the floodgates’ to a potential wave of last-resort Chapter 11 bankruptcy filings from borrowers who fail to receive injunctive relief to stop UCC auction sales and save their interests in properties, according to lawyers and brokers who spoke to Commercial Observer about the decision.”

“Brokers charged with leading UCC sales on behalf of lenders said that oftentimes, despite extensive and exhaustive marketing work, very few third-party bidders show up at the auction, a caveat that doesn’t help the lender’s case for a ‘commercially reasonable’ sale, especially in a depressed market with little activity.”

“‘The courts upholding the law to allow UCC sales to occur makes sense,’ FIA Capital Partners Principal David Goldwasser added. ‘People actually signed documents that allow for this to happen. Now, they try to claim it is unjust. Since the fuse is so short, there is a lot to lose. This is just the reason lenders started to use this process in their paperwork. It is not to circumvent the system, but to use it for the purpose it was meant for. If you don’t pay your loan, you will lose ownership to the entity that owns the membership in the entity that owns property. The only solution to slow down the train is to file bankruptcy, which brings its own share of complications along with it.'”

The New York Post on Florida. “Dave Portnoy is renting a $200,000-per-month Miami Beach pad that was formerly owned by Floyd Mayweather Jr. until this past October, when the boxing champion unloaded it at a loss, The Post can report. Mayweather initially purchased the home in 2016 for $7.7 million in an all-cash deal, property records show. He sold it for $6.25 million last fall — a $1.5 million loss.”

From Socket Site in California. “When the two-bedroom, two-bath unit #504 in the Rowan building at 338 Potrero traded for 11.9 percent less than its purchase price in the fourth quarter of 2017 last month, the two-bedroom, two-bath unit one floor below (#404) was in contract but hadn’t yet closed escrow. And the re-sale of 338 Potrero #404, an ‘almost new residence [with] state of the art finishes’ and ‘views of the city framed by floor to ceiling windows,’ has now closed escrow with a contract price of $900,000, down 14.2 percent from its purchase price of $1,049,00 in October of 2017 on an apples-to-apples basis.”

From Boulder Weekly in Colorado. “Boulder County has become increasingly unaffordable over the last several decades. ‘You can never resolve our housing problem if you allow the market to ration land to the highest bidder,’ says David Adamson, an affordable housing advocate.”

“Despite a lack of affordable housing options, Boulder actually has a glut of rental units, an estimated 700 vacant homes within the city in February 2020.”

From ABC News in Australia. “Owners of apartments in the troubled Mascot Towers building have been advised it is no longer financially viable to fix the building and that their best option is to sell up. Chair of the Mascot Towers Owners Corporation Gary Deigan told the ABC: ‘The only solution in our mind is to sell the building off.’ ‘We have lost a lot of money. We have to decide whether we are going to continue to lose money or try to recover some.'”

“So someone who, for example, paid $1 million for their apartment would receive $200,000-$300,000 from the sale. ‘Undoubtedly there will be bankruptcies,’ Mr Deigan said. ‘But the longer we do it, the more money we lose.'”

“Treacy Sheehan bought a three-bedroom penthouse apartment with city views for $900,000 in 2014. She supports the proposal to sell up. ‘You would be mad not to do the collective sale,’ she said. ‘People are absolutely suicidal.’ For the past two years, she has been living in rental accommodation with her four-year-old son. Ms Sheehan said the entire ordeal had left her suffering depression. ‘What’s the Australian dream all about? You have a $1.3 million property that’s worth zero and that’s your life savings.'”

“Fabiano dos Santos bought a two-bedroom apartment for $950,000 just months before residents were told it was not safe to stay. He supports the sale even though for him, with a mortgage of $900,000, it will mean financial ruin. ‘That is going to push me to bankruptcy,’ he said. ‘But we 100 per cent have to sell. Pretty much the only way out is to sell and try to move on.'”

From Stuff New Zealand. “We see them everywhere in our cities – vacated leaky apartment buildings and terraced houses covered in white plastic sheeting while they undergo remedial work. What we don’t see is the huge personal cost and anguish behind the defective buildings. And, in case you thought this only happened with older buildings from a particular era, you’re mistaken. Apartments are still being built with problems.”

“In the gripping documentary A Living Hell: Apartment Disasters, presenters John Gray and Roger Levie, who have gone through the leaky home nightmare themselves, expose the horrific situation for thousands of homeowners throughout the country. One owner of an apartment in The Zone, which will need to be demolished, describes her situation as ‘devastating.’ ‘It’s always on my mind. I think about it every single day and personally, I will never buy an apartment or unit again.'”

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This Post Has 100 Comments

    1. My hope is that, globally and in the not-so-distant future, we enter a period known as “The Great Cleansing,” where central bankers and globalist oligarchs are purged from society en masse by way of the guillotine or similar.

      1. Never gonna happen in Canada.

        Ontario has all the cuck Canucks locked inside indefinitely. No walking outside, no driving allowed.

        I wouldn’t expect anything less from a cuck country that has pictures of the Queen on their money.

        1. Ontario has all the cuck Canucks locked inside indefinitely.

          For a mere nine thousand cases. No “bring out your dead carts”

          As Vox Day posted this morning:

          “It’s just a temporary measure. Short term, for the duration of the emergency. You know, like the income tax. ”

          There sure don’t seem to have a lot of faith in the not-vaccines.

          2. Supply problems.

            I get nagged on occasion by vax providers, who always reassure me that the not-vaccine is safe. I calmly reply that once they are no longer classified as “experimental” that I will consider them.

    2. What do gooberments expect to solve by perpetuating housing bubble conditions?

      “We’ll reiterate that this acute surge in demand is exaggerated by massive federal-to-household transfers, the promise of low-for-long interest rates, engrained expectations of price growth, fear of missing out, and likely some speculation.’”

      1. What do gooberments expect

        A perpetual harvesting of the debt donkeys by their banker buddies, and cash in their back pockets. If defaults happen in large scale, their music stops.

  2. ‘has now closed escrow with a contract price of $900,000, down 14.2 percent from its purchase price of $1,049,00 in October of 2017 on an apples-to-apples basis’

    That’s some red hotcakes right there. Day after day, the red hot a$$ poundings pile up.

    1. I just came back from a long drive. I didn’t see any “For Sale” signs. Every single realtor sign said either “Coming Soon” or “Under Contract.”

        1. I recall someone on Beanie Boy’s show drinking a brew from a “local” brewery in Harper’s Ferry, so I assume they were close to there. I believe he’s trying to move to West Virginia but hasn’t been able to yet. The gun laws are certainly laxer in WV. I drove in a different direction today. Beanie looks better without the beanie; he should just leave it off.

      2. Yes, San Diego County is also a “ multiple offer” market right now. Houses are *snapped* up by investors, often at above-listed prices. As Ben says, we’ve seen this movie B4.

        1. We looked at a property yesterday afternoon at 5:30PM. I know, I know. We saw two other groups leaving (socially distanced and/or masks, of course). After walking the lot, we didn’t even go inside. Too much of the lot wasn’t usable. My husband and our realtor think it’ll go well over listing price. Time will tell.

      3. 3 of the 5 lots that were subdivided by the developer we bought from closed last week (we were one of the three). One closed a year ago…only one of 5 left.

        Asking prices on raw land are way up (makes us look like we got a deal), but don’t seem to be going under contract quickly.

        1. Subdivided lots marketed by a developer isn’t remotely close to “raw land”.

          There’s plenty of lots out there at $500 an acre.

          1. I didn’t say we got a deal. I said the current rise in asking prices makes it look like we did — I’m under no such illusions. I also don’t care — we paid what we were willing to pay and know what we’re getting into.

            And Mafia, do you not consider land with no utilities (water, electric, sewer) raw land? The only thing the developer did was buy a large parcel and split it up, putting in a right-of-way easement so all parcels are accessible.

            Do you call that “developed land”?

          2. I didn’t say we got a deal.

            It’s not a very relevant concept anyway. We all make choices, hopefully well informed choices. Have fun building your house, and keep your friends here informed of your progress!

            Speaking of 2x4s, you could buy kiln dried oak here for a lot less than the big box wants for “whitewood”. I had a house built with oak timbers once. It was solid! You couldn’t drive a regular nail though, only square ones. It was what was available on the land.

          4. keep your friends here informed of your progress!

            Thanks Blue and Red!

            Had planned to start fencing the wooded parts of the lot but Tractor Supply was out of t-post pounders. No workout today I guess!

  4. ‘luxury is just a marketing term. Much of what is eagerly cast today as ‘luxurious” is run-of-the-mill new or refurbished housing. Developers and real-estate brokers are not in the modesty business—they’re in the business of building, leasing, and selling homes, which depends on a flair for hyperbole’

    The Atlantic is a globalist rag. But there’s some interesting bits in this piece, and some stuff to laugh at. The commies in Boulder spend a lot of time yakking, but can’t see the obvious: there is no shortage of shacks.

    I’ll say this again: we don’t ask the guberment to decide how many pencils to make, with or without erasers. And we produced enough housing for hundreds of years without their help. So what has changed? Guberment involvement. Central bank horsesh$t. It’s clear, they are using shacks to try to pump life into their globalist crap economy.

  6. ‘The luxury segment accounted for 39 percent of total apartment supply in HCMC as of the end March…Experts have been advising for the last several decades that the ratio is kept at just 1-2 percent’

    Now that we got a $18k per square foot airbox in Ho Chi Mien City, can we dare say there’s a bubble?

    I read a lot of bubble talk lately. Often it’s “this isn’t like THE bubble.” OK, what bubble are you talking about? You know, 2000-whatever.

    In 2000-whatever there wasn’t a bubble either. Until slowly the REIC and media spoke of it openly, like it just sprang into reality. Then they set to define it. (But there’s no concrete definition: it’s a phenomenon in peoples heads.) It’s greedy banks! It’s subprime!

    Are regular people not borrowing sh$t loads of money, expecting to get rich quick?

  7. Widespread arson in Portland and Oakland last night, including an Apple store that got torched despite displaying BLM art 🙁

    “They’re not sending their best”

    1. Every time a “woke” corporate franchise gets looted and burned by the globalists’ BLM/Antifa darlings, an angel gets its wings.

      1. an angel gets its wings

        I was thinking more along the lines of a devil getting his pitchfork.

  9. Nguyen Loc Hanh, CEO of HCMC-based Asia Gem Real Estate Investment, said that 39 percent is too large a ratio for the luxury segment and it does not represent a sustainable real estate market.”

    I thought Communism was supposed to usher in a classless society.

    1. I found this …

      “Since 1986, Vietnam has been trying liberty, or at least a notable dose of it. The Communist Party still imposes a political monopoly, but for the past 18 years it has been beating an economic path to free enterprise. It abolished price controls, legalized private property, sold off many state-owned enterprises, and encouraged free-market entrepreneurship. Labeled ‘Doi Moi’ (meaning ‘new changes’), Hanoi’s program for revitalizing a moribund socialist economy by de-socializing it is clearly working. In February I saw it firsthand during a factfinding visit to Hanoi and Ho Chi Minh City arranged by the Virginia-based Atlas Economic Research Foundation.”

      Free Markets Blossom in Vietnam – Foundation for Economic Education
      https://fee.org/articles/free-markets-blossom-in-vietnam/#:~:text=The%20Communist%20Party%20still%20imposes,and%20encouraged%20free%2Dmarket%20entrepreneurship.

      2. Capitalism is the new communism…lol!

        “Labeled ‘Doi Moi’ (meaning ‘new changes’), Hanoi’s program for revitalizing a moribund socialist economy by de-socializing it is clearly working.”

  10. “Brokers charged with leading UCC sales on behalf of lenders said that oftentimes, despite extensive and exhaustive marketing work, very few third-party bidders show up at the auction, a caveat that doesn’t help the lender’s case for a ‘commercially reasonable’ sale, especially in a depressed market with little activity.”

    As 12-year-old me would’ve said, that’s tough titty. Auction sale prices ARE the new “commercially reasonable” valuations.

  11. “Despite a lack of affordable housing options, Boulder actually has a glut of rental units, an estimated 700 vacant homes within the city in February 2020.”

    Slapping a speculator tax on vacant investor-owned properties would go a long ways toward easing the “affordable housing” shortage.

  12. Ms Sheehan said the entire ordeal had left her suffering depression. ‘What’s the Australian dream all about? You have a $1.3 million property that’s worth zero and that’s your life savings.’”

    So to this greedhead speculator’s mind, it’s a dream to “invest” in an insanely overvalued, defect-riddled skybox with borrowed money? I think we’re getting at the root of the problem here.

  13. ‘That is going to push me to bankruptcy,’ he said. ‘But we 100 per cent have to sell. Pretty much the only way out is to sell and try to move on.’”

    Heckova wealth-building plan you real estate speculators have there. Would love to see the marketing plan for pitching an unsafe, defect-ridden building to would-be buyers.

    1. Pretty much the only way out is to sell and try to move on.’”
      The guy deserves MUCH credit for moving on instead of whining about it.(stomping his little feet) You own up to (Eat) your mistakes, grow up, and get on with your life. That is how it works.

    1. The left eats itself.

      See also: last summer when a bunch of Pantifa / BLM goons tried to assault Sen. Rand Paul on the streets of DeeCee and he responded to them regarding banning no-knock warrants “I wrote the damn bill!”

    1. anyone demand answers from the useless parents? cant wait for them to blame everyone but themselves

          1. They’re tearing down the Producer culture and elevating the Taker culture. Who’s going to provide even the most basic of maintenance once the Producers give up and refuse to produce? Or — as is already happening — take their production to states that appreciates them?

  17. The most accurate predictions are those which have already occurred.

    “If local governments were to remove the arbitrary zoning barriers that are behind America’s housing shortage, developers would build only luxury apartments and condos. Such housing would be leased or sold at price points well beyond what regular working families can afford. At best, these units would sit empty as ‘safety deposit boxes in the sky,’ doing nothing to ease the affordability crisis.”

    1. The Wall Street Journal
      Finance
      SPAC Hot Streak Put on Ice by Regulatory Warnings
      SEC steps up scrutiny of accounting and growth projections for newly public startups
      The Blank-Check Boom Poses Pitfalls for Investors
      You may also like
      The Blank-Check Boom Poses Pitfalls for Investors
      Up Next
      The Blank-Check Boom Poses Pitfalls for Investors
      Private companies are flooding to special-purpose acquisition companies, or SPACs, to bypass the traditional IPO process and gain a public listing. WSJ explains why some critics say investing in these so-called blank-check companies isn’t worth the risk. Illustration: Zoë Soriano/WSJ
      By Dave Michaels, Amrith Ramkumar, and Alexander Osipovich
      Updated April 16, 2021 5:38 pm ET

      Investors are cooling to one of the hottest bets on Wall Street as new regulatory scrutiny of special-purpose acquisition companies cuts the flood of new issues to a trickle while share prices tumble.

      SPACs have raised about $100 billion so far this year, more than last year’s record of $83.4 billion, which itself was more than the amount raised in the nearly 30-year history of these blank-check companies.

      The market notched another record on Tuesday, when Grab Holdings Inc., the Southeast Asia ride-hailing, food-delivery and digital-wallet group, said it would go public via a SPAC deal at a valuation of nearly $40 billion.

      Critical comments from regulators appear to be scaring off some investors and new offerings. Until last month, roughly five new SPACs hit the stock market every business day in 2021. In the past three weeks, 12 new SPACs have started trading, SPAC Research data show.
      …

      1. “blank-check companies”

        It’s a brilliant investment strategy:

        ‘Hand us all your monies.
        We’ll invest it in whatever stonks we choose. Since stonks always go up in value, we’ll all soon get very, very rich.’

        1. Was it here that someone posted a video of a hot blonde explaining SPACs on TikTok (I think)?

    1. I don’t understand how all his stock went to zero. Was it McD’s stock, or what?

      These stories never add up. The mortgage part I get. 😂

  20. Oh dear…white SJWs trying to show solidarity with BLM in Minneapolis come face to face with the reality of what their “allies” think of them.

    A group of white protesters tell people to stop throwing water bottles at the police. A woman curses them out: “If you can’t be a guest in a black space, get the f— out.”

    https://twitter.com/NicXTempore/status/1382878910279471109

  23. The house that relisted with the 45% price increase in 18 months has 4 offers at least 30% over the previous list price. My husband finally agrees we should tap out for a year.

    1. I’m trying to imagine any scenario in which I’d buy a house this year at these grotesquely inflated prices, and I can’t. Not a single one.

      1. Try having an autistic 11yo son needing massive sensory input with no yard to speak of currently coupled with immobilizing surgery on the near-term horizon.

          1. She could obviously rent a place with a large yard and wait for prices to return to earth before buying. But she seems very impatient to buy during the present frenzy…not that there’s anything wrong with that!

          4. She could obviously rent a place with a large yard and wait for prices to return to earth before buying.

            Not in this rental market. We’d pay more for less and have the hassle of moving.

      1. The first part I know from the MLS. If the realtor is lying about the offers, time will tell. It is curious that this property didn’t sell the previous two times (331 days in 2012 and 380 days in 2018/2019) it was on the market.

  24. Does it seem like the Democrats are always trying to enact discriminatory wealth redistribution policies to take resources from other groups in order to reward their specially annointed races and gender identity groups?

  25. Student debt crisis harms women, people of color and the economy. Let’s fix it
    | Opinion
    Caroline Barcia and Lily Antonowicz
    Special to the USA TODAY Network

    Student loan debt is the second highest level of debt held by consumers, after mortgage debt. The effects of this burden will be felt across the country for decades to come – millions of Americans are unable to build savings and cannot afford key life expenses like purchasing a home, raising children, or planning for retirement. A degree is supposed to bring better career options, but many graduates like us see that future washed away under the financial yoke of student loans. We cannot ignore this crisis. The American student loan system and culture is unsustainable both for individual borrowers and our economy as a whole.

    According to national student loan debt data, 43.2 million student borrowers owe just under $40,000 on average per person to obtain a degree. Following the economic impact of COVID-19, borrowers are falling further behind on payments, and both the nationwide total and individual average student loan debt have increased significantly.

    Though the two of us come from different economic situations and backgrounds, we are both facing the reality of repayment after years of borrowing loans. As social work graduate students we both took advantage of the available scholarships and grants but still find ourselves with a tremendous amount of debt. While every student is presented their loan details upon signing, very few teenagers understand or are educated on the impact of these loans on their futures.

    It is not uncommon for graduates with significant debt to rely on food pantries and other welfare programs to survive while still paying hundreds each month and not making a dent in their loan balance. The economic fallout of the pandemic has only made our financial situations worse as we each face down $50,000 of debt.

    This is not simply a matter of less expendable income for borrowers. The financial hardships of student loan repayment hold people back from starting their lives, and force people to choose between essential needs. A study from New Jersey Policy Perspective shows that those who must default on their loans face difficulty buying a home or car, acquiring utilities, renting an apartment, or even being approved for a cell phone plan. They also face poor credit scores that stop them from full market participation, which negatively impacts the economy overall.
    …

    1. No can do. Too many people paid off their college loans. Too many parents scrimped or hocked the house to pay for college. Too many kids skipped college entirely.

      What Congress needs is a compromise solution where the loans are converted to 1% or 0% interest so graduates can make a dent in principle. Then establish a program where the graduates can work off their debt Years ago, I knew someone who chose his law school specifically because the school would forgive tuition if he practiced public defender law. Just do something similar. NY DJ has been suggesting we “revoke” a college degree. I suggest we force them to USE their degree. Don’t we have a bill in the House where child care and elder care is considered “infrastructure?” Don’t we have homeless in every city that local gov has to deal with? Surely they can find work for these struggling MSWs. Since we’re printing money anyway, we may as get the work done AND the college loans paid with one program. But one way or another, those students need to PAY for their education.

      2. “What Congress needs is a compromise solution where the loans are converted to 1% or 0% interest so graduates can make a dent in principle.”

        I agree. Or maybe something similar to the 50% employer’s pension plan contribution, e.g., debtor pays $500 and the government contributes $250. Bottom line, these student loan debtors need to feel the monthly pain of debt repayment just like everyone else.

      3. You used a funny word, oxy: graduates. A lot of the BIPOC and women (we helpless, hapless losers who can’t do math) are NOT graduates.

        They borrow a metric slap ton of money and never finish a degree largely because, I would argue, our pathetic K12 standards give high school diploma holders delusions of competence.

        Welcome to the dirty intersection of the banking- and education-industrial complexes.

        1. The promises of forgiven student loan debt seem to be quickly evaporating away, along with $15/hr minimum wage.

          It won’t be long until the gas lighting begins and the regime begins to insist that they never promised it.

    2. “They also face poor credit scores that stop them from full market participation, which negatively impacts the economy overall.”

      This is hilarious. If debtors don’t pay for their purchases the economy likely doesn’t need them.

  26. Does something perhaps go haywire with the banking system if people are conditioned to believe that it is possible for them to borrow tens of thousands of dollars, only to ultimately slip out from under the obligation to repay it?

    I’m also wondering about what the rationale is for stopping with student loan debt? If it’s good for the economy to free up a whole generation of student borrowers from repaying the loans they used to pay for expensive college educations or graduate studies, wouldn’t it be even better to unburden consumers from the financial weight of credit card, auto loan and even mortgage loan debt? Just imagine how much more money would be freed up for investing in stonks, real estate, and cryptocurrency if borrowers were unburdened from these unfair contracts they signed when they agreed to repay the money they borrowed.

    1. I assume the thinking is college debt is a one-time thing, vs credit cards you can run up over and over?

      1. The major difference is that student loans are not dischargeable in bankruptcy, while other forms or debt are. That said, in addition to making students work off their debt, maybe we should force the schools to work off some of the debt too. The schools are obviously not worth the price. Otherwise, the schools are just collecting free money for fancy buildings and Diversity Officers.

        1. Many of these “for profit” schools have an accelerated pace that students with academic challenges cannot maintain. Hence, they “bomb-out,” but the schools keep the money. A rigorous entry exam would “weed-out” these students before they’re enrolled.

  27. 2006 was when I stumbled onto this website myself.
    As RedPilled said, it’s been quite a ride.

    I do miss some of the old-time posters:
    AZslim, Palmetto, that kid that moved up to Oil City.
    Even that wacky Got Stucco.

    What a character!

    1. Got Stucco posted earlier this week. I’ve been wondering how BubblevilleCA and Carl Morris are doing.

      1. Some posters use multiple aliases. I suspect that Get Stucco posts a lot more than you think. I wonder what happened to Rip, probably still around. And 46&2 is a familiar, but I can’t place who.

    2. I’ve been wondering about Carl. Did he go with his wife to visit her family and get enrolled in a re-education camp?

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