The screw ups of socialism have their advantages?
NY Times:
They pushed a building frenzy that was based on selling homes to other Europeans and then undercut it with rulings that caused many "owners" to lose title to the property they had paid for. That was about the time sales had begun to slow anyway and made matters worse. Like Ireland they have whole villages of empty new houses that can't be sold and that do not generate the taxes to help pay for the infrastructure that helped to develop the areas.
One of the conditions for bailing them out should be a trustee to look over the liquidation of the properties and the green energy fiasco. That might provide the banks and other investors a few cents on the dollar, but it should also make it difficult for the socialist to create such a mess again.
Spain has shown just how disastrous the policies Obama advocates can be. But I don't expect him to even comprehend how bad those policies are. He is still blaming the Bush tax cuts for the problem caused by Democrat housing policies. It is a sign of an overrated intellect combined with willful ignorance.
The incompetence of Spain's socialist has ruined the Spanish economy and put the government and its political subdivisions so deep into a hole they will have difficulty clawing their way out. They made several mistakes, the biggest of which was investing heavily into "green energy" and then attempting to subsidize it despite its obvious inefficiencies.Spain Holds a Trump Card in Bank Bailout Negotiations
The euro zone’s fourth-largest economy is too big to fail and possibly too big to steamroll, changing the balance of power in bargaining over a deal to rescue Spain’s ailing banks.
They pushed a building frenzy that was based on selling homes to other Europeans and then undercut it with rulings that caused many "owners" to lose title to the property they had paid for. That was about the time sales had begun to slow anyway and made matters worse. Like Ireland they have whole villages of empty new houses that can't be sold and that do not generate the taxes to help pay for the infrastructure that helped to develop the areas.
One of the conditions for bailing them out should be a trustee to look over the liquidation of the properties and the green energy fiasco. That might provide the banks and other investors a few cents on the dollar, but it should also make it difficult for the socialist to create such a mess again.
Spain has shown just how disastrous the policies Obama advocates can be. But I don't expect him to even comprehend how bad those policies are. He is still blaming the Bush tax cuts for the problem caused by Democrat housing policies. It is a sign of an overrated intellect combined with willful ignorance.
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