Mortgage Mess
Once again we’re closing the barn door after the horse is out and gone. In Washington, the Federal Reserve has finally acted to stop some of the predatory lending that exploited people’s need for money. And like Rip Van Winkle, Congress is finally waking up from a long doze under the warm sun of free market economics. But it’s waking to a nightmare.
Meanwhile, the Feds’ clamp-down on predatory lending has come too late for millions of Americans who have already lost their homes. The pain for them is real. They’re hurting badly, and so are their communities. You can see the whole picture in one neighborhood in Cleveland, Ohio. Producer Peter Meryash and correspondent Rick Karr take us there.
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Source:
Mortgage Mess
Bill Moyers
PBS, July 18, 2008
http://www.pbs.org/moyers/journal/07182008/watch.html
November 14th, 2008 at 2:31 pm
Referencing the Fed and “free markets” in the same breath is a complete contradiction, and one I hoped we’d moved beyond by now.
Of course it’s fitting in a Bill Moyers post, since it is one of his favorite contradictions to recite.
November 14th, 2008 at 3:27 pm
FAA: Never a new law until the dead are piled on the runway.
Fed Reserve: Never a regulation until blatant illegal lending is uncovered.
Treasury: Never a plan that is not tied to politics or helping the ultra privileged. (dont expect to get any better under O).
IRS: Completely staffed by incompetents and sadists. no sane person would ever chose to work there and persecute their fellow man.
Congress: Clueless, infantile, professional politician body that hasn’t seen a citizen Representative in 100 years.
November 15th, 2008 at 9:36 pm
BR,
this(edited): “under the warm sun of (the rhetorical cover of) free market economics, might be more accurate.
that, and what’s with the “Bill Moyers”-Love? That cat could spell ‘Integrity’, even if you spotted him two ‘i’’s and told wh(y) it was important..