cross-posted from: https://lemmy.ca/post/54239937
During the Great Depression, when banks foreclosed on farms, neighbors often showed up at the auctions together.
They’d bid only a few cents, and return the land to the family that lost it. Sometimes a noose hung nearby as a warning to outsiders not to profit from someone else’s ruin.
It was rough, but it worked, communities protected each other when the system wouldn’t.
If a collapse like that happened today, do you think people would still stand together or has that kind of solidarity disappeared? Could it happen again?
Private equity will buy everything with no public sale.
Assuming they don’t completely collapse on their own due to their bad investments. This might actually happen from how things are going. Unfortunately, it’ll also kick off a larger recession/depression
Indeed, backed by the force of the state no less.