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Foreclosed Homes have Become Investment Opportunities to the 1%

Dave Ransom  |  Issue: February | March 2013

“Some of the biggest names on Wall Street are lining up to become landlords to cash-strapped Americans,” writes the Wall Street Journal.

No joke. One of the chief architects of the subprime-mortgage industry and its collapse recently left his bank to start up a billion-dollar hedge fund and become your landlord.

At the big investment bank, Golden Sachs, Donald Mullen was a leader of the gang that engaged in what Wall Street calls “the Big Short.” He made big bets that housing would go bust, even as he was selling people bonds composed of bad mortgages.

Now he’s buying up our houses cheap, so he can rent them back to us.

The deal-makers and deep-pocket investors who are treating the foreclosed homes of the 99% as an an “investment opportunity” are part of the small but fluid capitalist class that creates whatever organizational forms are convenient at the time.

They show up running banks, corporations, hedge funds, and the think tanks of the elite.

And they are in and out of the top economic posts in government, as well.

Mullen’s one-time boss at Goldman Sachs, Hank Paulson, bailed the bank out after the subprime mortgage crash while he was Secretary of the Treasury.

These guys know they are the ruling class. They learn it in school, they see it on the job, they laugh about it in their social life.

And they will do everything in their power to keep us from learning that we are the working class—all of us, native-born and immigrant, with papers or without.

That’s because they fear that if we understand we are all one class, the class that they are dispossessing, and if we understand that they are replacing us, job after job, with computers and robots…

…then we may act as one class, the great working-class majority, to take back all the wealth we have created, all the things that we need…

…and move on to build a future without them, using our agriculture and industry—robots included—to provide ourselves and our children with the necessities of life, liberty, and the pursuit of happiness.

So help us God.

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