Bank Rut 10-10-09

In order to get yourself out of the fertilizer you have to put someone in your place. This aphorism is not new, but Spanish banks are now making it an art form by adapting it as their major strategy when fighting their present predicament. Following the ruthless campaign of property repossession with no quarter given, they are now starting to sell the embargoed properties through their own specialist web pages at a fraction of the value of three years ago. As a direct result of this short sighted policy they are bringing the real estate market further into recession causing a situation that will lead to more repossession. More builders and promoters will go out of business and those few investors who perceive it a bargain to buy through the banks directly may soon discover that they may not profit in the medium term. The banks do not necessarily worry about he consequences of their actions today because they are confident that when the %&*t hits the fan there will always be government money to bail them out. It is only us the general public that is left flailing around in a quagmire trying to survive this craziness.