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Tuesday, 10 March 2020
quote [ a $217 trillion global property business, worth more than twice the world’s total GDP ...the financial industry invents brilliant instruments that allow it to invade other sectors ... [the US government] sided with the banks. They encouraged foreclosures, gave money to the hedge funds and private equity firms, who then bought the distressed assets to make money. It’s the way the 2008 crisis has played an important role in increasing wealth inequality. ]
A film by Gertten who uses Leilani Farha, UN’s rapporteur on adequate housing to get to the bottom of the global housing crisis. He gets explanations from two Columbia profs, Sassen and Stiglitz quoted above, Italian, Roberto Saviano, who explains how offshore companies are in the property money-laundering business
house prices in Toronto have skyrocketed 425 per cent in 30 years while the average family income has only budged up 133 per cent...a $217 trillion global property business, worth more than twice the world’s total GDP ...
“This is not at all about housing. The buildings function as assets. The financial industry uses housing like mining: “Once it has extracted what it needs [from housing], it doesn’t care what happens to the rest.” the property money-laundering business buying inexpensive real estate with legal money and selling it to themselves through, the offshore company at high prices." https://www.theguardian.com/artanddesign/2019/sep/10/push-film-review-leilani-farha-global-housing-crisis https://rabble.ca/columnists/2019/03/push-unpacks-core-culprit-behind-global-housing-crisis
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Comments
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j4bb3rw0xx0r said @ 3:16pm GMT on 10th Mar
Guess I'll have to watch it on the VPN when I get home. Anyone know if it's region locked specifically to Canada or specifically against the U.S.?
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