Gulf Air Is Contaminated

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Hydrogen sulfide (or hydrogen sulphide) is a colorless, very poisonous, flammable gas with the characteristic foul odor of rotten eggs.
Crude oil is loaded with the petrochemical, Benzene, which is a confirmed human carcinogen. See my post, “Benzene Contamination in Gulf States.” See also my previous post, “BP Is Lying About Air Quality.”
George Uré of UrbanSurvival asks some very good questions:

What happens when there is so much oil in the Gulf that air quality/hydrogen sulfide levels make coastwise living unhealthy, cancerous, or even immediately fatal? 

If you owned Gulf coast property and it became oil soaked and smelling of oil to high heavens, would you pay the mortgage, or would you throw down the keys and say “Have fun, bank…”?

What happens if a million homeowners and condo-dwellers all throw down their keys in mass “deeds in lieu of foreclosures” this fall and head north to clear air? What happens to the underlying securitizations? And what about the banks and pension funds that thought they had assets?


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0 responses to “Gulf Air Is Contaminated

  1. I suppose the BP will have to bail out the mortgage leaner. Don’t you think that should be the case?

    • I wouldn’t count on it. BP will declare bankruptcy and we taxpayers will be forced to bail everyone out, again. Well, at least the 60% of Americans who actually pay income tax.

      • Where I live the houses that were repossessed, or foreclosed on 6 months ago. Now have new owners Deed in hand. Free of charge?
        To those who lost their homes because of the banker’s shell game, those who worked all their life’s and never took a hand out in their lifetime.
        They loose their homes
        And the lifetime welfare rats from the inner cities get expensive homes, free of charge.
        Houses here that once could fetch up to 400k, now you will be lucky to get 60k, are going to people who never worked a day in their lifetime.
        Now with the oil disaster. When the disaster comes home to roost. Wait and see what happens to all these beautiful homes, in this great neighborhood.
        Then you will see Obama’s real Redistribution of wealth plan in full action.
        Crazy part is that the city assessors will not lower the property taxes, even though the homes have lost up to 3/4 of their values.
        This country is going to hell in a handbag, way too fast. Barry Obama is enjoying this so much.
        I wish everyone could read his two books and that he wrote.
        That explains his hatred of certain people, while giving more of something for nothing to the same people again, and again, and again.

  2. This is a huge problem, I know, on Orange Beach. Several years ago, people were buying multiple condos, some even purchasing whole floors of them. The only way to pay for them and make profit was to rent to almost capacity. Katrina caused many to be foreclosed on. Now that things are looking up, this Obama disaster comes up. I would say that the majority will turn in the keys and leave them. On another note, until late last night, all air space over Orange Beach was closed due to the visit of our beloved leader. Several friends were unable to fly out.

  3. The alternative is that these people could get very sick or die. It’s only a house, at the end of the day. Life is more important. We leave our stuff behind when we go. If they stay, they run the risk of losing both. If they’re smart, they’ll leave: this thing isn’t going to be solved any time soon. In fact, it’s now believed to become far worse than anyone ever expected.

  4. Dang, I must be slow thinking. I had not thought about them declaring bankruptcy.
    That would be nice considering that our country is not solvent any longer.

  5. Guess who insures BP — AIG! Remember them the too big to fail that WE bailed out! We lose no matter what…


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