Finance guru Eddie Hobbs advises millionaires: invest smart money on the devastation of Detroit

Monday July 22, 2013 15:11

by JoeMcIvor

Last week Detroit was officially declared bankrupt . Long time downtown residents of the city last week vowed to resist evictions planned in order to sell off their homes to the super rich . The evictions are being touted as essential cost saving measures - part of an emergency plan involving "gentrification" of the Metropolitan area of the city.
Writing in the Herald yesterday, TV economics pundit Eddie Hobbs advised Irish people with at least a million to invest that the smart money was going on premium location properties in "distressed" cities like Detroit . He told the Herald : "We are currently investing heavily for clients in Metro Detroit. "

Detroit’s bancruptcy was announced last Wednesday. Plans drawn up by the city’s emergency manager include the eviction of long term residents of the city’s Metroploitan district to make way for gentrification . Downtown blocks that are presently occupied mostly by the elderly and tenants on low incomes are to be demolished to make way for millionaire condos . A member of the Griswold Tenants Community Council fighting the forced detenanting of his block told a recent public meeting: “We are not just going quietly. We are not just going out. These people are ready to act. I am talking about shutting down Detroit. We have just a short time.” See http://www.wsws.org/en/articles/2013/07/17/dart-j17.html

Economics guru and TV pundit Eddie Hobbs yesterday urged Irish rich people who had a minimum of a million euros to invest that the time was right to get into the "distressed" Detroit property market . The former presenter of RTÉ’s “Rip-Off Republic “– which was according to Hobbs’ wiki entry “a show preoccupied with artificially high development land prices” assured Evening Herald readers that the Detroit property market was in a remarkably better state than the Irish one.
http://www.herald.ie/news/i-still-believe-detroit-is-a-....html