Can it be? Can self really put her faith in esteemed Wall Street Journal? That is, are good times really ahead? Oh boy, self can hardly wait!
Front page article in today’s issue begins:
In the waning days of the Great Recession, the federal government is still jump-starting the economy and propping up financial markets.
Self gathers from reading the article (by Michael M. Phillips) that if you were the type of person who had the extreme good fortune to possess a couple of extra thousand dollars just laying around, collecting 0.3% interest in some stodgy but safe bank, this would be an excellent time to buy some investment property.
Here’s one:
Dresden Heights, a failed condo development on a noisy freeway ramp next to a Motel 6, a Waffle House and a Do-It-Yourself Pest Control.
The owner of the property is the FDIC, which has 36 other “partially built condos” on its hands, a parcel it “inherited from a high-flying, short-lived Atlanta bank.”
The properties, of course, are not attractive. According to Jim Gallagher, “senior official in the FDIC’s Division of Resolutions and Receivorships” (Self adores, simply adores that division name; sounds like something even Kafka could not have dreamed up!): “What we’re trying to sell is something that is rundown or not completed or has some property damage.”
Still hankering for more? The article states:
“The current backlog of property stuck on the agency’s books, with an appraised value of $1.8 billion, ranges from an $18,700 clapboard home with stained carpets in Birmingham, Ala., to a $1.7 million mountainside lodge with a heated driveway in Steamboat Springs, Colo.”
Wow. That’s all self can say. Wow.
