Tuesday, August 28, 2007

one of the most pernicious ideas ever

Foreclosure task force: Save neighborhoods, not scattered properties - Cleveland Metro News – The Latest Breaking News, Photos and Stories from The Plain Dealer -- A while back, there was a rumor out that Tim Hagan was going to push for legislation so that the banks would be bailed out of their foreclosure mess in a scheme such as this: The foreclosed properties would be condemned and demolished, new money would be let out to developers, new properties would be built, and new mortgages would be let out. They might call this a public-private partnership. Well, read the article at the link. It's here. Banks, developers, unions, and developers seem to benefit, as we waste our way into oblivion.

This is one of the most destructive, indecent, proposals ever floated. It feeds off all of us and the capital and equity we've built in our communities for years. It strips us of what makes us unique in the first place. It destroys properties that would otherwise be used were it not for the gangsterism of unregulated lending interests who set aside their fiduciary responsibility to the public, and were allowed to do so. It replaces the intrinsically valuable and economical with what's basically low-value yet incredibly overpriced. It's a short-term fix at best, designed to cover up the fact that our

Here again, our elected government employees are showing they can forestall a reckoning day by going along for a while with the monied interests, as they continue to compromise the best interests of the public. They're only putting off the reckoning, not avoiding it, and making the final reckoning so much worse, so much more painful for each and every one of us, the new indentured servants who used to be the middle class.

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