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03/23/2020 / By Ethan Huff
As millions of ordinary Americans struggle to put food on the table now that the Wuhan coronavirus (COVID-19) has taken away their jobs, billionaires like real estate investor Tom Barrack actually have the audacity to whine on cable television about how they personally need taxpayer-funded bailouts to avoid long-overdue corrections on their greedy overleveraging.
Barrack recently warned about – or threatened, depending on how you look at it – catastrophic economic consequences if the Federal Reserve doesn’t pump even more taxpayer cash into the commercial real estate market, which of course is his cash cow.
Predicting a “domino effect” that will lead to total collapse, Barrack told Bloomberg Television, and also wrote in a white paper, that if the fat cats like himself don’t get what they’re demanding, then society will see “a chain reaction of margin calls, mass foreclosures, evictions and, potentially, bank failures,” to quote Yahoo! Finance.
“To keep people employed, you have to support the employers,” Barrack stated during a recent television interview, using the excuse of suffering employees to manipulate viewers into supporting bailouts for him and his fellow property vultures.
“The biggest part of employer expense is rent,” he added. “When commerce stops and they can’t pay rent and they can’t pay interest on the debt, and then the banks and the intermediaries can’t pay their investors, it all collapses.”
Listen below as Mike Adams, the Health Ranger, talks about how he’s actually lost friends over the Wuhan coronavirus (COVID-19) pandemic because they insist the whole thing is fake:
Paralleling the current situation with what transpired during the Great Depression for added effect, Barrack went on to talk of doom and gloom before praising the Fed for its recent injection of trillions of fake fiat dollars into the stock markets. According to Barrack, the Fed “is doing exactly what they need to do” by inflating the monopoly money supply in this way.
But this isn’t enough, Barrack contends. The Fed needs to inject even more, to the tune of $500 billion, in order to halt the “liquidity crisis” in the market for commercial mortgage-backed securities.
“What everybody needs is just a time out,” he claims. “Give them 60 or 90 days, let it all come back together, tack on that accrued interest to the end, and you solve the problem.”
Recognizing that taxpayers will certainly be upset about yet another socialistic bailout of big banks and real estate vultures, Barrack suggests coming up with a new way of framing it all so that perceptions of “crony capitalism,” which is exactly what this is, won’t be as easily recognized by the masses.
Keep in mind that Barrack is a personal friend of President Donald Trump, and has much at stake if he doesn’t get the bailout money he’s trying to squeeze out of the Fed. The last-year financial report for Barrack’s firm lists $3.54 billion of assets in hospitality real estate, as well as $725 million of debt and equity investments.
“So, in a nutshell, commercial real estate is grossly overvalued, asking rents are way too high, and tenant businesses can barely afford the rent when times are good,” wrote one Yahoo! Finance commenter.
“So, the solution to this problem, naturally, is to request a government bailout, rather than allow the market to deflate to a reasonable valuation, and the investors who bid prices up too high to suffer well-deserved losses.”
“Does the white paper suggest beginning by freezing all executive bonuses and salary increases, and halting golden parachutes?” asked another.
“Or is [Barrack’s] paper focused solely on how to create sufficient panic and fear to fool Americans into bailing out Wall St. again, just a few years after the last fiasco resulting from excessive subprime mortgage issuance, lack of capitalization and dangerous leverage?”
To keep up with the latest news about the Wuhan coronavirus (COVID-19), be sure to check out Pandemic.news.
Sources for this article include:
Tagged Under: bailout money, bailouts, catastrophic, Chinese Virus, Collapse, Colony Capital, commercial real estate, coronavirus, covid-19, domino effect, economics, economy, evictions, foreclosures, Great Depression, market, pandemic, President Trump, Real Estate, risk, Tom Barrack, White House
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