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Reply #4: It is as I predicted in my thread on NO economics 101 [View All]

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DeltaLady Donating Member (116 posts) Send PM | Profile | Ignore Sun Dec-04-05 03:08 PM
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4. It is as I predicted in my thread on NO economics 101
Ultimately, if the wealthy do not want to abandon New Orleans altogether, they are going to have to provide incentives for the working class to return. Those incentives will include a piece of the pie; a stake in the city, or else the elites will fail to get the help they so urgently need to rebuild their businesses and lives. Gone are the days of cheap and readily available maids, cooks, poolmen, nurses aides, etc. Those with $$$ are going to have to figure out how to rebuild the community at a cost workers are willing and able to bear. That cost climbs everyday as more and more of the disenfranchised decide to move on with their lives in other locales. It will take some sweet fruit to lure them back.
Community development will come to mean something to those who had everything, for they will realize that without the working class they can't make a dime.
A house and its contents cannot be replaced by the small grants FEMA is offering. It will take things like interest free loans to give the local economy what it needs to stage a comeback. The plan to pay off mortgages might work for some who are in dire straits, but for that ponzi scheme to work the bond speculators are going to have to take a calculated risk on getting enough speculator/developers to buy up huge tracts of land, bring back the housing stock AND HAVE IN PLACE a working/middle class to purchase the rehabbed houses. If people don't have the means and can't afford the upgraded housing, who will repurchase these properties? The investors will end up with a glut of shiny new houses just awaiting the next hurricane season, and without a national commitment to wetland preservation/redevelopment and levy rebuilding it sounds like a very risky venture.
It seems to me that those who stand to benefit most in the long term better get off their collective behinds and figure out the riddle of this Gordian knot.
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