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Posts Tagged ‘greece’

OUR CRAZY WORLD: WILL REAL ESTATE RESCUE GREECE IF THE EU WON’T?

Friday, August 24th, 2012

Posted by Leonard Steinberg on August 24th, 2012

Now that I am on vacation in the hot-hot South of France, I have had more time to absorb the world’s craziness and get a better global perspective. While watching the BBC this morning, I caught up on world events and wanted to compare the following to the statement I keep hearing again and again from sellers in New York: “Yes, but if we price it really, really high, I bet a rich Russian buyer will swoop in and pay the miracle price!”

I agree, that statement is crazy, but when compared to other crazy-thinking currently throughout our planet one may better understand the inspiration. Here are some examples:

1)    Mitt Romney says its CLASS WARFARE to discuss the fact that he pays 13% in Federal taxes when other rich people pay double…..as do many upper middle class tax payers. Isn’t it class warfare to think you belong to a different country club that allows you to pay so much less in taxes than your (almost) equal neighbor? Why are YOU one of the chosen few who can do this?  Who did the choosing? The same happens with real estate taxes in Manhattan, another class warfare, but not between rich and poor or middle class…..its class ‘war’ between the same classes where neighbors pay vastly different real estate taxes for almost identical properties, well, just because…..! This is not a partisan political statement at all as I consider those bilking the welfare system (legally of course) to be as guilty of moral corruption as Mitt. Both are abusing the system.

2)    Ecuador, a country best known for its moral and ethical leadership (ranked 26th out of 29 countries in the South and Central America/Caribbean region: its overall economic freedom score is well below the world and regional averages), is demanding that Mr. Assange, the WIKILEAKS founder, be released immediately from Britain so that any charges against him related to having sex with under-age girls cannot be investigated. How moral. How ethical.

3)    The GOP wants less government interference in our lives: I think thats a GREAT idea. Of course when it comes to abortion, many in the GOP want the government to insist that a 13 year old girl who has been raped, should bring the devil-seed baby to this earth through a 9-month pregnancy that is certain to wipe out any of the child’s youth that has not already been wiped out by the rape. Then of course because she is a child, this child should give up her child to adoption and once again experience more trauma through the separation. And then that devil-seed child whose chances for developing into a functioning member of society are slim at best should go out into society and thrive, probably requiring government assistance or better yet, a $ 100,000 per year jail cell….paid for of course with taxpayer dollars, that the GOP don’t want to collect.

4)    Iran was on TV this morning, OUTRAGED that the USA is not providing the drugs its people so desperately need to save lives. This is coming from a country that is demanding the death of the United States. Surely when the USA is dead we will be unable to provide these drugs too?

5)    Obama has spent nearly $59 million through his main campaign account — $10 million more than he raised, financial reports filed late Monday afternoon show. The cost of his campaign so far: more than $325 million, not counting spending by the the Democratic Party committees aiding his re-election. Does Obama think spending more than you earn, even for an election campaign, will lead voters to believe he can balance the budget of the USA?

6)   Greece is OUTRAGED that the EU might want to oust it from the Eurozone. Outraged! Of course their contribution to the EU has been negative at best…. they have allowed a sector of their population to fleece and drain their economy, and another to rely entirely on government handouts….. but of course they DESERVE the gratitude and kindness of the other European countries. Surely Germany should foot the bill while the Greeks continue with their reckless practices? In Greece lies a good real estate twist though:  the last thing the Greeks can turn to now in their desperate attempts to stay afloat is of course…..their real estate! They are seriously considering selling off some Greek islands (land leases) to pay down their mounting debts. REAL ESTATE TO THE RESCUE AGAIN!

POINTING GREECEY FINGERS…

Friday, June 15th, 2012

Posted by Leonard Steinberg on June 15th, 2012

While we await the outcome of the Greek elections this weekend, the world seems fixated on a country whose GDP is the size of Indiana, Maryland or Minnesota….if we are to put things into perspective. If Indiana’s economy went bust would America crumble?

Lots of the blame for Greek’s woes is being heaped on their citizen’s reluctance to pay taxes. In fact, a good chunk of the wealthier citizens simply refuse to pay taxes. there are over 100,000 swimming pools in Athens, but only a few thousand owners pay the required taxes on these pools. that translates to a few thousand people paying for everybody else who refuses to pay! This corrupt system has resulted in the lowering of the minimum income requirement for taxation to kick in…unsurprisingly those with small incomes, especially salaried individuals who have no means to avoid paying taxes are feeling the pinch and have to carry the weight of those who are self-employed who have much better opportunities to skirt taxes.

While we can all laugh at the Greeks, lets not laugh too loud:  Remember that US darling company APPLE paid corporate federal taxes at an effective rate that was below 10% in 2011……while the rest of the smaller corporations pay double and triple?

It ceases to amaze me how a select few are always able to avoid their responsibility at the expense of the majority: surely if the likes of Apple paid 20% in taxes, the rates could be lowered for all and result in a booming economy the likes of which we have never known?

Surely if the 20% of over-taxed buildings in New York had their tax assessments reduced to match those of the 80%, the 80% would pay a fraction more and the 20% would pay a significantly less (but equally to all)….all based on the clear principles of the Constitution of the United States of America, by the way.

So next time you frown at the Greek ‘system’, know that similar abuses are happening in your own back yard. And are equally disturbing and damaging.

THE EURO KEEPS WEAKENING….BUY US$$?

Tuesday, March 23rd, 2010

News out to-day is that the Euro is weakening: With the Greek crisis looming over the heads of the Euro community, now would probably be a very good time to take money outside of the European community. When we say the Euro is weak, lets not forget that the Euro was trading around 0.90 in 2001, and today it is trading around 1.35…..so it is still 50% higher than it’s low point. It has traded as high as 1.58 though….

Do you think Europeans should place their cash into the Dollar, or possibly US (preferably New York) real estate?

We do (then again, when haven’t we?)….