Since October 7, 2023, our strongest ally in the Middle East, Israel, has withstood various terrorist attacks from Iran and its proxies, including Hamas, Palestinian Islamic Jihad, Hezbollah, and others. Instead of standing by Jerusalem, the Biden-Harris...
NOTICIAS
Últimas Noticias
Rubio: “The Court is Right: Algorithms Should Not Enjoy Section 230 Protections”
TikTok was recently sued after a 10-year-old girl died from taking part in a viral challenge that dared users on the app to choke themselves until they passed out. Courts have historically protected social media companies over user-generated content due to...
Rubio, Moolenaar Demand Communist China-linked Battery Company Be Blacklisted
Contemporary Amperex Technology Limited (CATL) is an electric vehicle battery company with deep ties to the Chinese Communist Party and its armed wing, the People’s Liberation Army (PLA). Reliance on, and use of, CATL batteries threatens U.S. national security as it...
Rubio: Communist China Making a Mockery of Biden-Harris Administration
Despite the serious threats the Chinese Communist Party poses to the United States and our allies, National Security Advisor Jake Sullivan is in the midst of a three day visit with Chinese Foreign Minister Wang Yi in another embarrassing attempt to “lower tensions”...
Rubio Calls on John Deere to Prioritize American Workers
John Deere, the world’s largest tractor manufacturer, is a staple of American business and a crucial supplier for the hard working Americans who grow our food. Recently, after receiving public backlash, John Deere ended several ridiculous Diversity, Equity, and...
Rubio Y Colegas: Esto No Se Trata de Ideología Política, Se Trata de Defender la Voluntad del Pueblo Venezolano
Hace casi un mes, el pueblo venezolano votó por Edmundo González Urrutia como su presidente electo. Ayer, el Tribunal Supremo de Justicia del narco-régimen de Maduro optó por legitimar el fraude electoral de la dictadura. Los senadores estadounidenses Marco Rubio...
ICYMI: Rubio: No Commercial Real Estate Bailouts
No Commercial Real Estate Bailouts
U.S. Senator Marco Rubio (R-FL)
May 24, 2023
RealClear Politics
Many of us have seen evidence of the commercial real estate industry’s “if you build it, they will come” mindset firsthand – the large empty office buildings, unused business parks, and blank store fronts. Now, it has Wall Street spooked…. “I see a tsunami of loans coming due,” one CEO recently told CBS….
Vacant properties, the work-from-home revolution, rising crime in urban centers, the unaffordability of city housing – all of these factors and more should have made it obvious that commercial real estate was approaching a cliff. Instead,…[o]wners used an “extend and pretend” strategy to get to the next monthly payment or quarterly earnings report. The façade only came down with the failure of Silicon Valley Bank….
We have created an economy in which large-scale investors only realize they’ve gone wrong when it’s too late to turn back. This proved devastating to middle-, working-, and lower-income Americans in 2008, who suffered a historic economic downturn while those “too big to fail” were bailed out by Washington. Unfortunately, history may be repeating itself.
If the Biden administration protects investors from the consequences of their actions, as the Federal Reserve let slip it would do in March, it will essentially be transferring wealth – at a massive scale – from America’s working class to the very investors and laptop liberals responsible for this crisis. That would tear our social fabric to shreds and further expand our class divide.
As policymakers, our duty is to the common good, not the stock market. Whether we like it or not, our economy is in the midst of a massive transformation. There will be winners and losers, but bailing out commercial real estate investors isn’t in our national interest. In fact, it would be the definition of unjust.