Tom Piwowar wrote:
It was a natural (and expected) correction to an artificially inflated
market. Plenty of blame to go around. But, you go right ahead with your
banker fetish.
Once again you cherry pick examples and omit the critical part of the big
picture.
The major part of the housing crisis was triggered by banks that were too
quick to foreclose. If they had worked out the mortgages, most of the
houses would still be occupied and money would be flowing to the banks.
Instead they foreclosed and now have bupkis.
The rest of us are hurt because there are too many empty houses on the
market.
The situation will self-correct in phase II. The now empty houses are now
being raided by scavengers. First they pull the appliances. Then they
come back for building parts. Third pass rips out the electric wiring for
the copper and any metal plumbing. The resulting house is unsellable and
uneconomic to repair.
Local communities need to get tough on these banks. They need to send out
building inspectors and levy hevy fines on banks that fail to maintain
the property they own. For many communities this would be a money maker.
A fine capitalistic incentive to enforce the laws.
Bankers are idiots. They should be compelled to give back the fat bonuses
they paid themselves.
But, of course, this was all caused by deregulation and blinders about
the results.
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