Banks contributed what exactly?

Posted by James Roberson on October 29, 2008 at 12:54:43:

First, I understand that banks don't want to foreclose on properties due to the expenses involved and yada yada. It is ironic though that if foreclosures continued and the economy spiraled down even further, causing more and more foreclosures that the banks could possibly own every property commercial or residential that has a mortgage. I don't have a clue what percentage of properties are owned outright or have mortgages, but I would assume mortgaged properties would be around seventy percent. So the banks, that contributed nothing to the actual development of any property could wind up with it all. Bankers didn't pour concrete or nail boards or manufacture shingles or trucks or cars or grow food or contribute in any way to the development of any property in the world. I know this is not probable, but isn't the mere fact that this is even possible an indication of a very flawed system?

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