"The way the world really works is a very far cry from the way most people think it works. Pleasant illusions are far more popular than painful facts. The normal state of affairs is perceived to be one where each of us, as an individual, has an inalienable right to increase his or her wealth through time. Your familiarity with crashes so far should tell you that human beings will go to ingenious lengths to protect and justify their illusions, postponing the day of judgement for as long as possible. People will do almost anything to pursue their dreams of future prosperity through their speculative endeavors. Yet time and again we have witnessed, and continue to witness the massive evaporation of speculative fancies when it revealed that none of these markets is ever capable of meeting the demands of the dreamer. Bubbles are the stuff dreams are made of."
The above quote is priceless as well as timeless.
Mortgages to Come With Equity Lines Attached [muslim mortgages mentioned]
Richard W.
But soon after that "blossom," it is the banks which end up owning the properties, as loans default.
Banks become big real estate holders in poor times.
Probably, the federal government will step in, to establish local zoning controls befitting the nationalizing socialists' agenda ... but step in the name of helping folks by assuming the mortgages.
People will like it; until eventually the economy improves and then the other foot lands: the enforcment of federal laws about what you can and cannot do with your property.
See: Sustaining Nothing, Losing Everything, Sierra Times, June 20, 2002, by Tom DeWeese (posted June 21, 2002 by brityank).
"What is Sustainable Development? ...On June 29, 1993, former President Bill Clinton issued Executive Order #12852 to create the President's Council on Sustainable Development. Sustainable Development calls for changing the very infrastructure of the nation away from private ownership and control of property to nothing short of a national zoning system.
Locally elected officials will no longer be the single driving force in making decisions for their communities. Rules will be made behind the scenes in non-elected "sustainability councils" armed with truckloads of federal regulations, guidelines and money.
According to Sustainable Development policies, air conditioning, convenience foods, single-family housing and cars are among the products that have already been determined to be unsustainable. Under such a system, the federal government, backed by an army of private, non-governmental organizations.
(NGOs), like the Sierra Club, Planned Parenthood, and the National Education Association will influence, if not dictate, policy in state governments and in local communities...
...The Community Character Act (S.975), and its counterpart in the House of Representatives (H.R.1433), is the legislation that will legalize enforcement of Sustainable Development in every community in the nation. The bill requires local governments to implement land-management plans using guidelines outlined in a federal document called the "Smart Growth Legislative Guidebook." This publication was developed with $2 million provided by the Clinton Administration to "guide" counties, cities and towns on how to "update their local zoning."
The Community Character Act offers grants to communities that will pay up to 90% of the costs for localities to "update" their zoning, but only if they do it the way the federal government dictates. The Community Character Act requires localities to "conserve historic, scenic, natural and cultural resources." These are euphemisms that mean more land grabs and fewer places where people can freely go about their daily lives. It means planned economies, restricted housing, and diminished use of cars. It means government control of property. The bill contains not a single mention of private-property rights protection..."
See: Stock-Market Stinker, New York Post, June 30, 2002, by Jessica Sommar (posted by sarcasm).
See Wake-up signals from Wall Street, Washington Times, July 3, 2002, by Paul Craig Roberts (posted by JohnHuang2).
bttt