🇾 🇪 🇿 🇿 🇪 🇾If a Great Depression happened again, would people still stand together like they did during the penny auctions?
misterztriteNo. The auctions wouldn’t happen in person but online. Some reit or foreign money or both will bid more than the locals could afford.
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.
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.
osaerisxeroThat'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.
autodefenestrating Thats a good word.
Why would that make banks less likely to take foreign money instead of more likely to take foreign money?
Says who?
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