It all comes down to this: Who compelled who to lend money to people who were not capable of covering a mortgage in the first place? Was it the government on the bank through various "everyone should own a home" initiative? If so, then invoking eminent domain is a bad idea. A repugnant one even. Or was it the banks on their own who chose to swindle people? Would banks be that cavalier?
California is a state that is essentially in default. Where is the money going to come from to purchase those assets (papers, notes) "under water?"
If enacted, watching the unintended consequences of this action will be interesting.
They say there's child obesity in society today. There's also Bail-Out Obesity. There's always, it seems, someone or something being bailed-out. At some point, it has to end, no?
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ReplyDelete"At some point it has to end, no?" Of course, right after I have been bailed-out
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ReplyDelete