Matt and Doug, thanks for another thought provoking discussion. I have a few comments, of course. The big difference between owning stocks held in "street name" and possessing real estate is that it is difficult to dispossess someone from real estate; even a hobo. Over the past 3 decades, I've performed hundreds of evictions on the behalf of clients. In many cases, I had to use the sheriff to gain possession of property.
That said, given that the sheriff is an elected position in most (if not all) counties, the people within a county have a fair amount of leverage against the banksters. I imagine that if people organized Great Defaults within their communities, the banks would have very little recourse. Also, banks hate owning houses; especially, vacant houses in shitty markets. They have to pay the property taxes, maintain them, and keep out squatters. Considering the post covid disfunction in most organizations, I doubt that they could even deal with mass foreclosures.
I bought my house in a short sale 15 years ago. The bank had no idea how to even respond to my offer. No one knew what to do and no one had any authority. It took a long time, but I was patient and ruthless. Eventually, they gave in.
As far as other forms of property go, if you hold metal, then don't talk about it. Same with guns. If you were unfortunate enough to have a paper trail, then be prepared to defend your property. Confiscating private property should be such a terrifying job that no one wants to do it.
Side note: I know Rhodes and he is a good guy. Brilliant, too. Even if we don't vote, we must not forget about these guys who are political prisoners.
Thank you!
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Matt and Doug, thanks for another thought provoking discussion. I have a few comments, of course. The big difference between owning stocks held in "street name" and possessing real estate is that it is difficult to dispossess someone from real estate; even a hobo. Over the past 3 decades, I've performed hundreds of evictions on the behalf of clients. In many cases, I had to use the sheriff to gain possession of property.
That said, given that the sheriff is an elected position in most (if not all) counties, the people within a county have a fair amount of leverage against the banksters. I imagine that if people organized Great Defaults within their communities, the banks would have very little recourse. Also, banks hate owning houses; especially, vacant houses in shitty markets. They have to pay the property taxes, maintain them, and keep out squatters. Considering the post covid disfunction in most organizations, I doubt that they could even deal with mass foreclosures.
I bought my house in a short sale 15 years ago. The bank had no idea how to even respond to my offer. No one knew what to do and no one had any authority. It took a long time, but I was patient and ruthless. Eventually, they gave in.
As far as other forms of property go, if you hold metal, then don't talk about it. Same with guns. If you were unfortunate enough to have a paper trail, then be prepared to defend your property. Confiscating private property should be such a terrifying job that no one wants to do it.
Side note: I know Rhodes and he is a good guy. Brilliant, too. Even if we don't vote, we must not forget about these guys who are political prisoners.