Dear Dirty America


For the Protection of Banks

September 27
17:41 2011
Peter S. Goodman writes:

This rationale for continued lack of action has always been hard to swallow, because it involves defining taxpayer interest in an absurdly narrow way. Do taxpayers love picking up the tab for governments mowing scraggly lawns in front of empires worth of homes relinquished to foreclosure? Are taxpayers pleased to be paying for police forces chasing vagrants, partying teenagers and prostitutes out of abandoned buildings? Where do these costs get factored in? Who pays for the domestic violence, child neglect and basic psychological damage that flows from having so many communities ripped apart by the foreclosure epidemic, with families camped out in grungy motels, sleeping in cars and piling into homes of friends and neighbors on an itinerant basis? If holding firm in the face of such strife amounts to good value for taxpayers, the FHFA needs a new form of accounting.
And now we know that this supposed tough treatment of homeowners in pursuit of taxpayer value is is not only wrongheaded, it’s also fiction. In the reality version of American life, what Fannie and Freddie care most about is the enduring affection of people running major banks — the same banks that helped trash the economy and screw taxpayers.

Related Articles


No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Leave a Reply

Brave Media


Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Dear Dirty America Copyright

© Dear Dirty America, 2011-2017. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Dear Dirty America with appropriate and specific direction to the original content.