CNBC:
Some of the biggest U.S. property developers are asking for government money in the face of $160 billion in maturing commercial mortgages next year, the Wall Street Journal reported Monday.
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No, spend all the money on Public works/energy retrofits.
Useful JOBS is what we need.
I've got nothing against developers, but we shouldn't bail them out. These guys are in a high risk business, and they have always gone under from time to time, only to rise again like Phoenixes from the ashes. This is a totally different situation than the Banks (which have to be stable for the financial system to operate) and the automakers (which would be unlikely to rise again). If the big real estate companies fail, they will promptly be replaced by new big real estate companies, and the economy will not skip a beat.
THIS one can have the WORST impact of ANY of them.... with commercial buildings being shuttered & all of the businesses (& their employees) out on the streets... you WATCH how quickly this recession turns into a DEPRESSION.
the people are the ones need bail out. give everyone $1000 . the population is 350 millions times a $1000 equal $350 billions . that is 1/2 the bailout money . guess what ? people will hurry to the stores and spend it . imagine what this spending would do to the economy , it will wipe out the recision in a week.
Nonsense.
It is a start. The economy needs to be built from the bottom up, not the top down.
Oh, hell no! I think...... NOT!
No Bailout for the Big Developers----------
as usual for with the problems we are seeing at this time, the developers are over leveraged, have too much uneeded land (inventory), debt, and/or not enought buyers.
do not tell me I do not know what I'm talking about- I am a developer, I have several developement ready to go as the economy changes, or not. I own the land free and clear and have already paid upfront for all the design and P&Z costs. It's a waiting game now.
we will see if my investments are better than the rigged game that the stock market has been for many, many years.
Where's miiiine!
Sheesh.
Well, I've aways been interesting in the lifestyles of the serfs.
Give me a break.... These guys have been living like the rich and famous in their many McMansions and flying here and there in their private jets... and now they want a hand out. What these guys need to get is the tin cup and stand on the street if they want to beg for free money.
They're the ones who built all the MINI-MANSIONS now vacant and, or being foreclosed on. What nerve!!
Here in California it has been commonplace to witness the tops of many many mountains just sliced off, and houses, houses, houses built everywhere. For money, lots and lots of money. Developers do not deserve one dime in all of this. Along with the shysters from lending companies who gave people houses who could not afford them. What is the difference between them and Madoff and his billion dollar rip offs?
Greed has ruined our country.
these are the people who over build gobs of c r a p py housing to flood an already inflated housing market. They got greedy building thousands of buildings w/ thousands of units in each.
NO WAY!
Most commercial real estate developers are conservatives Republicans. I think this crisis was partly engineered to enrich them during the height of the bubble. Now that Bush has gotten his two terms he doesn't need them anymore. So now they're begging the Democrats for handouts.
Absolutely not! In many areas of the country there has been a steadily growing oversupply of retail and other commercial space during a time when the real demand didn't justify it (and this was BEFORE the recent recession began). These developers were speculators and nothing more - they bet wrong and they lost. If we (i.e. the taxpayers) are going to be giving out money, let it be for constructing new and renovating old infrastructure (schools, public buildings, roads, railways, high-speed data transmission, updated power grid, alternative energy distribution, etc.) that we DO need and that will yield a genuine return on our investment.
Let's bailout residential real estate investors, too! You know the one's that make $33,000/yr. in their regular job but bought up 11 vacant single family homes at prices 60% higher than today's market value with 0% down (and they also borrowed cash against the equity that doesn't exist) and leave them sitting vacant because the market rent nowhere near covers the monthly mortgage that has been refinanced three times. Yes, let's do that!
lets build a new mall across from the mall whoops!
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First Posted: 12-22-08 08:44 PM | Updated: 01-22-09 05:12 AM