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None of that matters now that mark to market is gone. As far as the banks and the government are concerned, all assets are worth whatever the banks "model" says they're worth. BTW- I haven't seen a single half-finished development anywhere in the New York tri-state area. They are all completed and sold with more building going on (albeit at a much slower pace than the previous decade, thankfully). Those ghost towns are only in the deserts of AZ, CA, NV, the swamps of FL, and the slums of Detroit and Cleveland. Nobody wants to live there and they should never have been started. The "recession" is isolated in the few hard hit areas above. As I stated many times, the NY area was back to normal last spring.
disgusting, and sad, has anyone tied this activity back to those who allowed it to happen and fester in the last 8 years during the Bush Administration? has anyone figured out why under his administration, this happened to the extreme?, although these situations happened before, why to this magnitude? what was changed and done to allow all the prior checks and balances and consumer protections to have been nulled and voided to allow these market extremes to happen?
Don't the builders have to finish the development or building if at all possible? Otherwise, a half-finished project is worth virtually nothing, and all the money they've put into it so far would be wasted.
You can thank Phil Gramm and the republicans who worship goddess Ayn for deregulating the banks into stupidity. welcome to the new world order George Sr. was referring to in his UN Speech. Welcome to the product of Republican Fascism. All started with the third rate imbecile Reagan and his SNL bailout. The creator of Al Queda ( supplied billions in stingers to Afghan religious nuts fighting a SECULAR govt. ), broke US law with Iran-Contra, the imbecile who sold the dumb voter trickle down nonsense, the guy who gave us the bankrupting republican philosophy of massive military spending by borrowing from enemy states. And how can we forget the imbecile's Amnesty programs that began the entire flood of illegals coming across the border.