cross-posted from: https://lemmy.ca/post/54239937
During the Great Depression, when banks foreclosed on farms, neighbors often showed up at the auctions together.
They’d bid only a few cents, and return the land to the family that lost it. Sometimes a noose hung nearby as a warning to outsiders not to profit from someone else’s ruin.
It was rough, but it worked, communities protected each other when the system wouldn’t.
If a collapse like that happened today, do you think people would still stand together or has that kind of solidarity disappeared? Could it happen again?
No. The auctions wouldn’t happen in person but online. Some reit or foreign money or both will bid more than the locals could afford.
Average folk probably wouldn’t even be allowed to participate. Only corporations with proof of excessive funds would be allowed to bid.
Only corporations whose name starts with the word “Black” and ends with “Rock” will be allowed to bid.
Well if there was one I don’t think everyone would submit to the banks or foreign money.
It has already happen. Look what happen in 08. The banks did the foreclosures and then just sat on the properties or sold them in mass to someone else. There wasn’t any auctions on the courthouse steps for the local populace to bid only a dollar.
Most of the tax delinquent auctions I’ve glanced at have a minimum bid of the entire assessed value of the property, which usually that assessment predates the tax delinquency so they end up being more expensive at auction than in normal property sales
I’ve not learned where to find foreclosure auctions listed yet but I would expect those to be similar
That wasn’t a great depression.
Because a depression is going to make banks sympathetic to the poors? Don’t bet on it.
A real depression wouldn’t spare anyone, everyone gets hit not just the poor.
That’s what’s going to make this one interesting. The cascade event for the great depression was a stock market crash which resulted in many of those wealthy people autodefenestrating, an event that the stock market was modified to prevent from happening in the same way in the future. It’s going to work the same as the last time for the poors, but it’s still to be determined if it’s going to hit the non-poors the same way.
Why would that make banks less likely to take foreign money instead of more likely to take foreign money?
Says who? The Bush crash of 2008 destroyed a lot of lives, and the media never really covered it properly. My son still talks about how 2008 blew a whole in the lives of his entire generation, the way Covid did to the generation in 2020. The media acknowledged the decline of families during Covid, but not the Bush 2008 Crash.
It won’t be on the public web, FFS.
Why tax actions are in some places already