As of last year, there were roughly 15,000 vacant buildings in Chicago, 85 percent of which were caught in some stage of the foreclosure process, according to city figures.Cities around the country face similar battles with such foreclosure ghost towns, struggling to cope with a growing number of empty properties left in the wake of the foreclosure crisis. Mortgage lenders alone have anywhere from 1.3 million to 5.3 million properties on their books, the vast majority sitting vacant while lenders wait for the housing market to improve.
(CBS News) Unemployment improved a bit last month but it is still nearly nine percent and the trouble is job creation is so slow, it will be years before we get back the seven and a half million jobs lost in the Great Recession. American families have been falling out of the middle class in record numbers. The combination of lost jobs and millions of foreclosures means a lot of folks are homeless and hungry for the first time in their lives.
In the first excerpt, note the virtual-reality-generating line "while lenders wait for the housing market to improve." Despite the oft-heard claim that we live in a "free market," these properties are being kept off the market to deprive people of housing - a form of SRA, courtesy of "the free market" in real estate. The fact that much of the housing is being allowed to deteriorate speaks volumes. They aren't interested in maximizing prices. They're gloating over the destruction of housing and families.
Naturally, none of the snakes responsible for this catastrophe, such as Fannie Fwank and Madame Plastique, two of Mammon's henchmen who blocked LaRouche's solutions, were featured in the report. The idea is to keep cause and effect as widely separated as possible to prevent us from making a connection.
Nor is Obama to be seen in this report. He's got his distraction in Libya and his proposals to draw from the strategic reserve to protect him from blame, but it's precisely his masters' policies, not their pathetic puppet in Libya, that are at the root of the problem here too.