This is what foreclosure is really all about
This country and the economy has not recovered from the financial crisis of 2008…and we never really will. What is occurring now is merely air and dressing, delusion or at least short term euphoria. At the macro level we see it every single day….banks that are more interested in foreclosing on families than on working to keep them in their homes. Extrapolate that out across the entire system and you have what we have today in this country…..a nation buried in debt, real people struggling, while the banks and Wall Street only become more powerful and wealthy.
Matt Stoller comes up with the most succicient and intelligent analysis of where we’ve come from…and where we’re going:
No one likes it when bankers get bailed out, but if you don’t do that, depositors will get spooked and reignite a panic. You must put forth a wall of money, with no strings attached, or all is lost.
The most consequential event of this young century has been the financial crisis. This is a catchall term that means three different things: an economic housing boom and bust, a financial meltdown, and a political response in which bailouts were showered upon the very institutions that were responsible for the chaos. We will be seeing the fallout for decades. Today, in Europe, far-right fascist parties are on the rise, climbing the unhappiness that the crisis-induced austerity has unleashed. China is looking away from the West as a model of development. In the US, Congress is more popular than certain sexually transmitted infections* but little else, and all institutions of national power are losing their legitimacy. At the same time, the financial system did not, in the end, collapse, and there was no repeat of the Great Depression.
