"Below-Market Prices" ... what a load of bull!
Reader comment on: Chicago Explores Eminent Domain Mortgage Seizure
Submitted by Tom Brown (United States), Jul 27, 2012 18:58
"below-market prices" .... Ha! Do you mean the face value of the mortgage? News flash to the cool-aid drinkers: the true market value is WAY below the face value. Just because the financial instituions have the federal government eating our of their palm, and thus refusing to force the banks to behave like other businesses and mark-to-market doesn't mean that ALL governemnts (i.e. state and municipal) are under their thumb. I see this as a way to make the liars stop lying about the true value of their property... pay them what it's actually worth (pennies on the dollar), and remove them from their privileged status and a permanent rentier class. That's why Wall Street is so terrified of this concept! Now they'll have to buy off every municipality in America to forestall it, or they'll have to make the major write-downs they've been able to avoid so far by bribing Washington politicians. The truth is all the the major banks should have gone bust in 2008-2009, but the feds bailed them out with $700 Billion of TARP money and another $7.7 Trillion in under the table loans (look it up on Bloomberg). These are the exact opposite of capitalist institutions.... they are wards of the state, and they need to go down. Of course it's absolutely UNTHINKABLE to those such as Geithner, Paulson, and Bernanke that so-called "free market capitalists" such as banks should go bust and that the management (their personal friends) should lose their bonues... let alone their jobs or freedom, thus they have become America's most spoiled rotten welfare queens, screaming for more $Trillions every time their irresponsible betting goes wrong.
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