Matt Tabbi has an article in Rolling Stone Magazine about San Bernadino County's interesting plan to revitalize their community through eminent domain. This would be a painful process for the bond holders and banks but it would make them take the losses that already exist that they don't want to acknowledge at this time. These banks and bondholders will fight this tooth and nail but they need to realize they have already lost the money and they need to move on. This seems like a legitimate plan to get this country back on its feet.
The one thing that I keep hearing from those that I find knowledgeable is that all of this debt whether it is home mortgages, credit cards or a nation's debt is what is keeping the world from bouncing back after this deep recession. These knowledgeable people feel that the losses must be recognized before any semblance of a recovery can happen. Now the political powers that be don't want their buddies to suffer but someone has to bite the bullet and it might as well be the people that profited from this mess to begin with.
I say bring on Eminent Domain so we can press the reset button on our economy.
I say bring on Eminent Domain so we can press the reset button on our economy.
No comments:
Post a Comment