The Fed is not only enriching the elite by boosting the stock market, but its low interest rates are helping billionaires buy up huge ranches from struggling farmers and ranchers.
Excerpt: "A boom in the oil and gas industry and current 2% interest rates on ranch mortgages are also fueling big land grabs."
Yet another example of how wealth and income inequality is being entrenched for future generations.
Excerpt: "Michael Hewatt, a member of the D.R. Horton board, says the company will use it much like it does the two large ranches it owns in Texas: as a place to entertain brokers, bankers and other D.R. Horton vendors. “It’s a perk for the people we work with,” he says. He also says the ranch is a “good investment for the long term.” Mr. Horton has also personally purchased large parcels of ranch land in Texas and New Mexico, according to public records."
More fun: "A major ranch purchase also comes with bragging rights. Many of the bigger properties are known as “legacy” ranches in part because buyers want to stake their claim in history. These ranches stand out for their size, unusual location or a unique feature, says Eric O’Keefe, editor of the Land Report, which publishes an annual ranking of the largest 100 private landowners in the country. To make that list requires owning 100,000 deeded acres or more.