Some counties in California hard hit by the Housing Bust are considering using eminent domain to seize underwater houses and force the banks to renegotiate the loans. It’s an interesting idea, kind of a reverse Kelo v. City of New London. I’m concerned about the possibility of abuse, though; how would you ensure the power isn’t used to, say, enrich local developers? Still, at least it shows SOMEONE is thinking about this. Oh, and the idea pisses off FOX “News,” so it can’t be all bad.
Concise article taking down some of the most pungent Right Wing talking points about the economy. Well worth the read.
…while bailed-out banks are sliding towards collapse again, Wall Street looks up from the taxpayer-funded government teat long enough to whine to Politico that Obama doesn’t kiss their asses enough. There’s just not enough contempt in the world for me to direct towards the gangster parasites who very nearly destroyed the entire planetary economy with their stupidity and greed.
Because it doesn’t test well with your target demographic to come right out and say “we only give a shit about millionaires,” the Republic Party has trotted out the line that “millionaires won’t hire you/loan you money is because they are UNCERTAIN about future tax liability.” This is, of course, a crock. And more to the point, it’s a crock that exposes both the GOP’s slavish bootlicking to corporations and millionaires, but only their deliberate and willful ignorance of history.
Awww, isn’t that sweet? The soulless godless banksters who very nearly caused the entire world’s economy to collapse are just giddy with excitement at the prospect of a House of Representatives run by their trained monkeys. Thank G*d the Tea Party was here to protect Main Street from Wall Street, huh?
Don’t they know they are suffering under the tyrannical Muslim rule of the Anti-Colonialist Kenyan Nazi Communist Usurper in the White House? How can they possibly be posting the highest earnings growth in 22 years? How can the stock market have its best back-to-back gains in 6 years? What happened to all this “uncertainty” over tax breaks for millionaires and ObamaCare killing grandma? Someone alert Glenn Beck!