Do you need any more proof who the Federal Reserve works for? It’s good to be the king, or a lackey kissing the king’s ass, or a banker bribing the king. Has the price of your house tripled in the last three years? This is truly an oligarch recovery for the privileged few in NYC and DC.
Hat tip Boston Bob
Don’t they …in the words of that Liberal Douche Bag Eleanor Clift…try to help the little people ?
This is the link to the WSJ story:
http://on.wsj.com/1EBaKpj
Bob.
Don’t forget the Bay Area in CA where the 0% interest has rocket fueled tech bubble 2.0.
Some quotes taken from the article:
“Many apartments go unoccupied, used only as investments.”
“Details on buyers are scant, since wealthy purchasers typically shield their names. That makes the fundamentals of the market more difficult to understand”
“Real-estate markets that lack transparency are prone to overbuilding, because developers don’t know the depth of the pool of buyers or when they will stop buying.”
“Very little information is actually getting into the market—everyone’s just copying each other,” he said. A frequent result: “You get an overshooting” as companies build more than the market can bear.”
You’re looking at all the classic signs of a build up to a major collapse.
In search of a bigger fool— OH yeah that will end well!
Money laundering, the second oldest profession.