The US Real Estate Boom of the 1980's and 1990's Was Actually a Huge Crime Wave

Most of the large builders responsible for the boom did it by hiring contractors for million dollar jobs and then stiffing them. When the contractors asked for the money, the capitalist heroes of America, really nothing more than common criminals, said, “See you in court.” As it costs more to fight the case in court than they would have gotten if they had been paid with their wages, the contractors just give it up. As I said, most of the glorious boom that the capitalists were raving about was being done by wealthy versions of common criminal scum. The whole boom was predicated on mass thievery and most of the super-thieves went on to become millionaires, multi-millionaires and even billionaires like Trump.
White collar criminals like Trump steal far more money than street burglars and robbers, but nobody cares about them. Burglars and robbers are scummy criminals. White collar criminals are capitalist heroes to be lauded as heroes all across the red, white and blue land. America: the land where crime is worshiped, as long as it is white collar crime. America, where criminals are gods as long as they are rich criminals.
I have said it before and I will say it again, the religion of America is not Christianity. The religion of America is Money.

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27 thoughts on “The US Real Estate Boom of the 1980's and 1990's Was Actually a Huge Crime Wave”

  1. Well, we all know this real estate stuff came crashing down as the 2008 meltdown – especially after Clinton repealed the Glass-Stegall act. So again, here is a huge black eye in the face of capitalism, a failed economic system.

  2. JASON
    I think Clinton knew all of this when he was elected in 1992 but he figured that the bust would occur long after he was out of office anyhow.
    Since you are old enough to remember the 1990’s you have to admit that for the working and middle-class, the real estate boom years were golden. Anybody could have a job, own a house, send their kids to college.
    Yes it was Capitalist Lie by bankers but during the decade that we believed it was it not a Golden Time?
    Putting it this way, would you rather be 20 years old now or back in 1994?

    1. Well, I regret I sort of went to college then. I could have worked and done well, saved up money, and maybe been able to make it 20 years later from past capital. However, though, I chose the student life.

      1. Jason
        Actually the less educated whites in the trades are better-off. If I were a young person today I would be a plumber, not a lawyer.
        You cannot fly Indian plumbers to Maine to fix the toilet. Cops are the same. Bangladeshi police cannot interrupt a domestic disturbance.
        So the less educated lower middle-class folks in this higher-skilled blue-collar labor jobs (Plumber, cop etc) are not being put out of work because of it is not abstract but a matter of physical capitol.
        Another words the mechanic is the guy with the job, but the engineer who designed the engine model lost his job to off-shoring.
        Once physical capitol and intellectual capital are split by the internet, its those with an IQ over 120 who are out of work more often. America needs ditch diggers but not engineers or anybody whose job is abstract.
        You are roughly my age (Born in the seventies I presume).
        Later Gen Y (Born 1973-1979) was the first generation where almost everybody in the middle-class attended college in the 1990’s. It was the decade of the “slacker” or middle-class suburban white attending some diploma mill just to pass the time.
        When we were graduating in the mid-90’s ANY slacker, no matter HOW USELESS HIS DEGREE, could get a decent white-collar job.
        Now compare that to the average Gen Y graduate these days.
        Part of the change is just pure technology. Retail is off-shoring, dwindling retail, globalization etc.

    2. Well, now isn’t as bad a time as it seems. Yourself, you could possibly make money online – if you had enough capital. In that way, you’re sort of by-passing the whole shitty job market out there. Anyway, the key is having around 10,000 to 50,000 in capital for some blog with ads or some webhosting business, stuff like that. Also, I advised Robert to do that in one post.
      However, though, for the technically backward, and I don’t mean it as an insult but just kind of harsh reality, there isn’t much hope nowadays.

  3. Eventually people become exhausted from materialism and turn towards the spiritual side of life and that is what we’ve seen during the last 20 years. People making the decision to live simplier lives, less focused on money, and more focused on spirituality and God.

  4. Boom mostly results from speculation in the market, not from developers, although they benefit from it too.
    When assets value are expected to increase, of course everyone wants to buy them. Finance industry is more the culprit than developers.
    Frankly, bankers are more harmful than Trump or even the military industry. Finance industry is not really economy, especially in the last few decades. It’s just playing money game with asset, not going to the production of goods.

    1. YEE
      I will get called down by Mr. Lindsay for this but the truth is that the Finance/banking industry is not inherently bad or even predatory.
      Loaning assets of the rich can allow for social mobility. It helps to level the playing field in terms of opportunity (although all in liability, people have the freedom to buy a home or spend money to better themselves).
      Interest rates benefit the rich, and if too high they can destroy the person borrowing money. But when regulated the serve to stimulate the economy, mainly the lower orders of people.
      Regulated capitalism will prevail, it seems.

      1. Yes, loaning money gives you a chance to own assets. But it doesn’t change the fact that the loaner doesn’t produce anything, but gets a profit just by having money.
        Despite industrial production is still growing, China is already worried that too much money has gone into speculation market of real estates, stocks, bonds etc. If money gets an easier and quicker profit from speculations, who wants to build a factory?
        But a house is just the same one house no matter how much the price goes up. Buying and selling it doesn’t produce anything extra, and yet it gets to worth more. The increase in value of these assets is a robbery of people who actually create wealth (producing stuff).
        Imagine there’s a tiny economy circle between you and me with $1000, we agree that I have a TV and you have a laptop each worth $500. If your laptop gets to worth $700 for some reason, then my TV will in turn worth less. Capitalist owns a laptop that goes up, the TV of the labourer will in turn worth less.
        This is what the financial industry has been doing nowadays. I’m not saying finance is useless, but it has developed into a stage that is robbery and harmful.
        When the scale of this non-producing group become larger, they must find a bigger playground to rob, so they go globalists.
        However, keep in mind that I’m not an economist, all I know was from middle school Political Economy classes. The CCP seems to have a death wish. Why the hell do they tell us how it works when they adopt the US way? Odd.

        1. That’s because it hasn’t developed into a finance dominant economy.
          But China doesn’t seem intend to fully open the financial sector, so things might be different than the US. We’ll see.

        2. YEE
          Marxism, which you are quoting directly, is slightly out-of-date because big business no longer depends upon the poor who only have their labor (Or in the case of the Soviet Union serfs in a feudal state).
          What we have today is a situation where banks have entire nations extended on faulty credit lines that can collapse at any given moment.
          When I was a child in the 1980’s Japan was being praised as a miracle of Capitalism but the bubble burst.
          And modern-day capitalism is so dependent on boom-bust speculation that the bubble always burst.
          I’m going to add that capitalism only works with a fair-sized middle-class and wealthy who feel good about paying taxes. When the wealthy lose every sense of social responsibility or moral compass the result is like an earthquake in the sea floor.

        3. Yee. Without Finance, a wealthy industrialist will have more money at his disposal and spend it on golfing trips. With a Bank he loans it to someone who either buys a House or factory that would NOT OTHERWISE BE BUILT, so indirectly it does produce something.

    2. YEE
      The immediate damage of the crisis was to the savers who no longer felt secure in keeping their money in the banks (these include businesses who hired people, etc.). This effected nearly all people, not just people with mortgages.
      This is the downside of trickle down economics.

  5. the so-called REIT sector of the economy,started sucking up all the capital that had been more firmly grounded in the real economy ever since when Reagan came to office. And it’s gotten more worse over time, as the near collapse of the global economy due to financial over manipulation of the real economy was taking its toll. But nothing really has changed much since, hasn’t it?

    1. Beau Anglo,
      Building a house produce something, loaning money doesn’t. Trump is a producer, Fannie Mae isn’t.
      Well, Trump as a developer, I mean, when he just collects rent, he isn’t.
      I’m not saying loaners are useless. They play a role in an economy, but it doesn’t change the fact that they’re non-producing.

      1. Creating WEALTH at the individual level is a pretty Herculean task in the developing countries.
        Lenders er financiers have an incredible influence on every economy…producing or non-producing. You simply cannot wish them away unless you have a government which is willing to seize amassed wealth from its subjects.

        1. MAYUR Look At Your Forward Castes
          To some extent Brahmin have stayed at the top by being smart and deceitful while lower-castes live on the bellowing muscle.
          But. The three forward castes stay there mostly through lending money to lower castes.
          I’ll add that the Parsi (Who come from Iran) and the St Thomas Christians (Bunch of Syrian Jews who reached Kerala by way of Yemen) escaped this.

      2. YEE
        I can agree with that.
        It comes naturally with capitalism.
        Another economic system may be able to produce the same without Banks (like Socialism), but in a country like the U.S. it is necessary.

        1. Anyway, the rich has plenty of ways to screw us, don’t worry… Even if you figure out how you’re screwed.

  6. MAYER An Intelligent Comment
    This might be one reason the so-called Baniya castes maintain such a hold on the power structure of India socially as well as psychologically.
    Also certain groups like Parsi or Syrian Christians (Who might actually be ancient Jews) were able to escape this by forming their own ethno-economy in India.
    Nair in Cochin are free of this below the Malayalam line and are therefore free of the caste system.

    I apologize and this my own psychological defect. Thank you for giving me an advisory.
    Since your blog keeps me sane I appreciate your patience.
    It won’t happen again.

    1. “It won’t happen again.”??
      LOL…. sure to be empty promises…
      But you’re right, TRASH, Brahmin in India is also a non-producing parasite group.
      You really can quickly find other examples with similar characteristic with people or situations. Not for the first time either.
      One of the reasons you tend to go off-topic. Maybe this is the way you store information in your brain.

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