Friday, May 1, 2009
"If Deutsche Bank forecloses on Joe Schmoe the best they can do is to sell that property at real value. So if Joe Schmoe can afford the property at real value, why not sell it back to him? But the only reason the banks aren't doing that is because of what they call moral hazard. They say basically that homeowners should be punished because they signed these loan documents.
These are the same guys who have run our entire economy into the ground and who have been rewarded with billions in taxpayer bailouts and have used billions of that money to give bonuses to the very executives that drove their companies and the whole economy into the ground. And they are citing moral hazard as the reason why they can't resell that property to the existing homeowners at the real value. That is disgusting and hypocritical and in the extreme." Steve Meacham on Bill Moyers Journal May 1, 2009
Posted by PSL at 10:52 PM
The word is being heard more and more clearly: people can stand up to the political and economic powers that have created the rules that benefit the few at the expense of the many; our institutions are accountable to the people. Thank you Steve and Melonie and Roxan and Jim and Mary and .....everyone at City Life! Keep up the great work!
Posted by PSL at 10:27 PM