The La Jolla California Housing
Collapse
$1.7 million and the weeds are
growing in the foyer
Stein Brothers Build The
Exclusive Nuevo Ranchero Resort
The Bankers That Created The
Crash
The Great Nuevo Ranchero
Housing Lays Half Finished
The Rodriquez Family Is On
California's Welfare Rolls
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Where Does It All Begin?
The heart of the housing crisis had it's roots with FDR's cabal.
Then in the 1960's, the tax laws were changed to favor real estate,
and in the 1970's tax laws put other investments in a negative light,
driving more into real estate.
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Clinton Relaxes Controls On Federal National Mortgage
On November 12, 1999, President Clinton repealed the Glass-Steagall
Act, which for 55 years had prevented banks, the nation's lenders, to
get into the so-called "investment banking" business (stock brokers).
With lots of pressure in Congress by the Democratic members of the New
York contingent, the Senate and House caved in and trashed a law which
had provided stability in both the banking industry and on Wall
Street.4
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Jake Stein Floods The Market
Stein construction buys a unincorporated hilltop tract, hires
hordes of immigrant Mexicans, and builds the exclusive Great Nuevo
Ranchero housing complex.
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Harvey Blintz Finances It
Harvey has a long standing relation ship with the Steins, and after
the 1980 Savings and Loan bailout sees no downside.
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Washington Mutual
Sammie Cohen at Washington Mutual hands out 100% financing to his
'Pals'.
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Whoops!!
The market collapsed and the 'Citadel' model at Stein's Ranchero
Resorts dropped from $1,700,000 to $980,000 and there isn't a buyer in
sight.
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Who Won And Who Lost
The Winners
- Jake Stein got his $100 million for Rachero Acres
- Harvey Blintz got his 10%
- Sammie Cohen flipped five houses
The Losers
- California is stuck paying unemployed Mexicans
- The American taxpayer has to bail out the bad $100 million bank
loan
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Keep It Simple
Forget the fancy terms like derivatives, insured paybacks, liquidity
in basis, etc etc, and just ask who got the money for these housing
projects. The second question is where is the $700 billion dollar
bailout going to?
Are the retirees that lost $100k in Washington Mutual stock getting
their money back? Or how about the Johansson whose retirement home lost
50% of it's value? The truth is the $700 million is going to the Zionist
bankers, to shore up their businesses and financial security.
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