9/11 and the coming collapse of America's Real Estate market
You might ask, what does 9/11 have to do with the current real estate crisis?
The answer is - a whole lot.
Most people think that a collapse of the real estate market is something that can or should be avoided.
Of course, nothing could be further from the truth.
Not only is there no way to stop it, a collapse in the real estate market is actually desirable, as one writer pointed out the other day in his observations about ridiculously high housing rents.
The fact is that working Americans can no longer afford real estate in an inflationary economy where their only access to the capital they need to finance a mortgage (or even pay rent) dwindles by the minute.
For decades, America's economic activity has been diverted from a highly productive industrial and manufacturing base, to an initially productive, but latently inert housing sector - a transformation that is almost complete, with the exception of Ford, GM and Chrysler, which are currently being bled to death.
[Not that endless manufacturing is the solution. but, that's a subject for a separate post.]
Of course, most if not all of the fruits of this transition inured to the benefit of the financial sector who made money hand over fist each time a property changed hands in this highly speculative market, not to mention the mountainloads of interest they collect every day on the trillions of dollars currently owed by so-called 'homeowners' across America.
The end result is a completely NON-PRODUCTIVE economy that not only can no longer absorb new constructions, but also can no longer sustain the gargantuan financial leech that straddles it, draining it from EVERY pore.
In other words, the system is structurally flawed.
What does all this have to do with 9/11, you ask?
Some time ago, a rumor floated around the internet that there was asbestos in the twin towers that would have cost the owners billions to remove if done in a manner that was safe and secure for the thousands of people working in and around the towers.
Whether or not that was the motive, we may never know.
But, one thing is certain - SOMEONE decided that those towers had to come down in a manner least costly to THEM - that is, everyone else would pay the price - and they were not about to leave it to chance.
Just as the twin towers were destined to come down that fateful morning by controlled demolition, so will America's real estate market.
The only question is HOW? and WHO will pay the price?
Yeah, you're right about the cost of bringing down the WTC towers. There was a $20 billion price tag on demolishing the building. Silverstein would have to have been a business lunatic to lease those towers with the liabilities attached to them.
This is good on the demolished buildings of 9/11. Also this.
I always liked the Pentagon story on 9/11. You know, the one where the main fire was put out in 7 minutes by the Reagan Airport fire crew. Only to find that the fires then continued to burn for 60 hours!
Oh, btw, when did the Pentagon attack occur? 9.37am you say? Nope. The attacks started at 9.32 am. The bombed clocks stopped at 9.32; a Danish ambassador was nearby and noted the time; Pentagon employee April Gallop noted the time; and so did other Pentagon employees. Many of them reported a bomb and cordite smells. Media reports initially were of a truck bomb. After the 9.37 aircraft attack others reported on the lack of jet fumes and recognizable plane debris. Rumsfeld was in on a conference call with the top FAA and NORAD officials from 9.15am. So why were there no aircraft up to stop Flight 77?
DavesWeb contains the best reviews I've seen of both Flight 93 and the Pentagon. But if people want one article that digs deep on what happened on 9/11 they should look no further than Barbara Honegger. It's thoughtful, detailed stuff.
http://video.google.com/videoplay?docid=-4834790699362957259
http://video.google.com/videoplay?docid=-8024076748679173978
I tryed to post these videos on many sites and was banded. I thought there was a thing such as freedom to speak.
WRH was off the air for 24 hrs--because of a compliant. I don't know if it was because of this but America stinks.
What should worry us,is when the invasion bills need to be paid and the factories making military goods end.The economy will tank. And for those bleeding hearts for the Israelies---Israel is about to be finished---be prepared for them to settle in USA. Do we need more ?-hell no!
that buildings heavily laden with Asbestos should set the precedent for structural failure induced by fires?
Almost as ironic that utter greed, the sole motive behind the screaming obvious demolition of WTC7, should serve as the straw that broke the camel's back.