Ferguson And The Eye of Soros
If you’re a character in The Lord of the Rings, you don’t want to attract the attention of the Eye of Sauron. Tolkien wrote:
The Eye was rimmed with fire, but was itself glazed, yellow as a cat’s, watchful and intent, and the black slit of its pupil opened on a pit, a window into nothing. …
One moment only it stared out…as from some great window immeasurably high there stabbed northward a flame of red, the flicker of a piercing Eye… The Eye was not turned on them, it was gazing north…but Frodo at that dreadful glimpse fell as one stricken mortally.
Based on news that Ferguson home values per square foot have declined 47% since last summer, a reader calculates:
There were 8,192 households as of 2010. If the average household [or landlord per rental unit] lost over $30k in home value, that’s $245 MM in damage, not including the big losses in commercial real estate. … The ratio of residential to commercial real estate value averages about 2:1, so say the commercial effects take you from $245 MM to $360 MM.