A Brief Introduction to Theopetra
If you’re anywhere in the Stacks ecosystem or follow some of the Bow Tied Jungle animals on Twitter, then you likely have not only heard of Theopetra, you’ve seen numerous tweets, you’ve read the awe-struck reactions to the onboarding calls and you’ve seen the Anonymous image that has served as their avatar.
For everyone else, Theopetra is a team that has set the goal of bringing affordable home ownership back to the middle class. It is an incredibly ambitious and heroic benchmark given how much wealth has been ripped away from the middle class over the past few decades.
What is Theopetra’s plan? To utilize the incredible leverage available through Decentralized Finance and some of the systems that DAO’s like Olympus (and some of its many forks) have popularized. What does that mean for middle class homeowners? Three words; “self-repaying mortgages.” As an added bonus, Theopetra is positioning itself to simplify and streamline the arduous process of purchasing a home.
From my perspective, one I happen to share with some other really bright people out there, it seems like their plan could actually work. I will discuss some of the details of their plan in the second part of this post. This blog will focus on how recent history has brought American society to the point where we need Theopetra.
The Meaning Behind Theopetra
Theopetra is not just a distinctive sounding moniker. It is the name of the historic cave containing the oldest known man-made structure in the world. The name Theopetra ties in to the very roots of having a “home,” and our very concept of shelter. In recent American history, there may no better time for us as a collective to return to our roots and revive the true purpose of what it means to hold land and shelter through real estate.
Why We Need Theopetra
The Effects of the Housing Bubble
For the last several decades we have seen the fundamental concept of home ownership morph from a domicile into a financial instrument. As real estate prices increased in the early 2000’s, many Americans became “house rich,” cashing out through home equity loans only to lose ownership as a result of using their dwelling as an ATM machine.
This trend continued into the late-2000’s as the real estate markets became overheated. Anyone lucky enough to sell near the peak (mid-late 2005) made out handsomely. However, millions were late to the party and were stuck with untenable mortgages. Much of the blame fell on cheap credit and truly laughable lending standards.
The Effects of the Great Recession
The middle class was financially devastated by all of this. But the real pain was only beginning.
Personally, I remember that by late 2008 my next door neighbors ended up losing their house back to the bank. Due to the massive amount of foreclosures in my area, the bank was unable to take action on their property for some time. As one last middle finger to the system that screwed over their dreams, my neighbors “squatted” in their own home for nearly two years after receiving their foreclosure notice, setting aside money for a down payment in the hopes that they would one day own again.
The pain wasn’t limited to real estate. The Great Recession saw the shuttering of thousands of corporate retail stores in addition to mom-and-pop shops everywhere.
The scars of living through all of this remained with young Americans. The negative effects on tens of millions of American families can’t be overstated. The Great Recession only served to exacerbate the ongoing Opioid Crisis. Too many younger Americans saw their parents deal with the severe stress of being forced from the homes they once owned. In fact, this was part of the motivation for so many AMC apes who unleashed turmoil on Wall Street in early 2021.
The 2008 Bank Bailout
No need to painfully rehash history here. The very bastards who caused this got bailed out at all of our expenses by their friends at the Federal Reserve. The man who ran for President on the story of “Hope and Change” quickly signed off on the second half of the bailout and gave us “More of the Same.” I expected violence and literal bloodshed for what happened. Instead, the haphazard and directionless Occupy Wall Street movement was the most that Americans would muster in response.
The economic stability of three generations of Americans was stolen away. By Ben Bernanke, Alan Greenspan, Hank Paulson and a phalanx of CEO’s who shifted most of the burden of their catastrophic mistakes onto the American taxpayer. They propped up their rigged system and threw the middle class under the bus. Then they shifted the bus in reverse, mashed on the gas and crushed their victim again. The bailout of 2008 was a crime against humanity. How these men are still able to walk around freely, without retribution for what they did to Americans is beyond my ability to comprehend.
The Student Loan Crisis and Monetary Inflation
Millions of educated Americans have also been shut out of home ownership entirely. Long subject to the racket of the Student Loan-Higher Education Industrial Complex and its nagging cheerleaders, tens of millions of Millennials are buckling under the weight of student loans that they can not get rid of, even in the case of bankruptcy. Add to this the ravages of inflation thanks to insane amounts of money printing and you have a massive subset of the population that can not even hope to participate in the very foundations of the American Dream; family formation and home ownership.
Even rental prices are rising at eye-popping rates. In one of the hottest spots, South Florida rents surged 30% in 2021 alone. While a surge in new population had a ton to do with that, what does that mean for workers who just saw an enormous increase to their largest monthly bill? For many renters in that area, any hopes that they had for saving for a down payment have now been pushed further out of reach.
The Disgusting Future Plans of BlackRock – A Nation of Renting Serfs
Now enter into the equation the bastards at BlackRock. Here to finish off the American Dream, to snuff out the hopes of the middle class. After the middle class has taken decades of vicious body blows, BlackRock enters the fray ready to crack them across the jaw and finally put the American Dream to sleep. Much like Bill Gates buying up massive amounts of farmland, BlackRock is accumulating real estate at an alarming rate, offering cash payments far enough market value in an effort to turn properties into rental only units. Obviously, this pushes the dream of home ownership further away from younger Americans and the middle class, forcing many to become feudal serfs, who’s sole option would be to pay monthly tribute to Lord BlackRock with no chance of equity.
So, with these forces squeezing what little promise is left for the middle class and younger Americans, Theopetra emerges as a possible solution. And not a moment too soon.
We need a hero.
Can Theopetra pull it off? We will discuss this in-depth in part two.
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