Opinion: Foreclosure system continues to hold back economy
Publisher’s note: This editorial is from the Nov. 13, 2011, Reno Gazette-Journal.
Speaking in Las Vegas recently, the Republican presidential candidate and former Massachusetts Gov. Mitt Romney was blunt when asked what he would do about the large number of homeowners facing foreclosure in Nevada, the nation’s leader in foreclosures.
The best thing the government can do, Romney said, is to let the foreclosure process run its course. Let the system work, he said.
In ordinary times, Romney would be right, of course, just as he would be right when he argues that the federal government should have let General Motors go through the bankruptcy process, and possible liquidation, instead of lending the auto giant money from the government’s depleted coffers.
In ordinary times, the system is able to deal with these sorts of financial troubles with a minimum of disruption to the nation’s economy.
These are not ordinary times, however, and they haven’t been since the near collapse of the U.S. banking industry in 2008, when overnight Wall Street’s failures suddenly became Main Street’s problems.
If the problems facing the country were just economic I would maybe agree with Romney.
But our nations problems are not – our nations problems are much deeper and more a socioeconomic than a financial problem.
Here is one example – call the OWS people and explain this so that they understand what it is they are talking about –
This is how the Bankers are becoming the 1 percenters…
The concept that this nation was founded on “All Men are Created equal” No longer applies. We have let the government use the tax codes to slice us up and divided us into many different classes with a wide range of privileges.
Take “hedge funds” for instance. Can you invest in a hedge fund?
Everyone talks about them, few understand what they are. They are in fact one of the ways that the bankers have gotten to be the “one percenters”.
In order to invest in a hedge fund by law you have to be an “Accredited” investor as definned by the IRS.
In reality you have to be much more than just an accredited investor, but I’ll focus on this first.
ThE SWEET DEAL –
If you do invest you get sweet tax deal – LPs (Limited Partners) in a hedge fund pay just 15% taxes – this is why, bankers and hedge fund investors pay less in tax rates then their secretaries.
It’s part of the Bush tax cuts that I think is wrong and needs to be changed – despicable to me that only a limited class of privileged people can participate and then they get soooo sweet a tax deal.
Call your accountant or your broker and ask them to tell you exactly what a an ACCREDITED investor is.
Here is the rub- It is a progressive liberal rule designed to Protect you –
hey you arrogant progressives – don’t protect me – just make sure the playing field is level – you banker and government pigs.
IF all men are created equal – I don’t need you protecting me – just make sure the game is run fair and EQUAL to all of us – THAT’S GOVERNMENTS JOB UNDER THE CONSTITUTION.
That’s why I support Newt – He want the constitution – Romney is an arrogant banker.
This isn’t hard to stuff to understand – it’s just kept kinda secret… hidden in the mumbo jumbo – that’s the way i see it.
Once I was told this by a conservative and it rung my bell…
In a free country you have the right to fail – if I make the wrong investment in a hedge fund that’s my problem – just make sure the fund managers are telling me and everyone else the truth and then if I fail it’s my problem –
that is freedom.
And Personal responsibility.
That’s the way i see it.
Fewer rules – applied to everyone equally- that is my America.
Newt is no better than the rest of them. We need a third party ready to crack the system wide open. The one we have now is failing miserably and is totally run by crooks with their own agenda. You’ll get more of the same with Newt.
Bob,
Yours is a hard point to understand for me.
To say Newt Gingrich is “more of the same” considering all the evidence to the contrary is kinda hard to follow.
I encourage people to look at Newt’s record for yourselves. It is one focused on the Constitution with a long track record of admirable results. Watch the videos of his debates – he has done a great job in them – attaching the press and media bias. Clearly focusing on the critical points and an unparalleled command of history and the issues.
Don’t fall for empty arguments. This is important. Check for yourselves. It doesn’t take much research to see that Bob is wrong.
Bob the Republican party fallen apart and there’s no clear candidate.
They have too much turmoil within their own party, and Cain ON THE OTHER HAND just a crack monster.
VOTE FOR THE LESSER OF THE TWO EVILS.
That is exactly what is wrong with this country. When our only option is to “VOTE FOR THE LESSER OF THE TWO EVILS” you know we’re done for. Why can’t we have politicians that are honest and not run by the banks or big business? There needs to be regulations on the amount spent on campaigns. Then maybe some of the good people would get into office instead of more of th same.
Prisoner –
How in the world do you get to;
Republican party fallen apart and there’s no clear candidate.
It’s a primary. Right??? You realize that? There are 8 good contenders with 4 of them in a dead heat for first in the polls –
That to you is falling apart???
I see a deep bench with and engaged electorate.
Now that’s funny.
Smedley –
… at least you are consistently pointless.
Any of the Republicans would be a change for the better compared to the current President.
Tahoe needs small business just likes to hear himself talk.
Bla bla bla
JoeStirumup they all Suck but so do the Dem’s…just being completely honest.
I MEET GETRICH IN JOPLIN MISOURI years ago, when he failed then, he will fail again. HE DID HAVE soft hands from doing no work in his life.
He was seeing a heart doctor a friend of my families looking for some votes, influence.
What people won’t say to get elected!
We need a hard working normal man whose done without,knows what it like to be homeless,eaten out trash cans,gone to bed Hungry to BE the Pres!
You see some real changes in the Big Washington DC IF A “REAL MAN” RAN THE COUNTRY!
SLAPS FOX NEWS CAMERAS UP AGANIST THE HEAD KIND GUY.
If there were more Patton’s in Washington, we wouldn’t be in this type of current economic fall out!HE WOULD NEVER BORROWED A DAMN DIME FROM THE REDS ZONE!!
Santorum 2012!
Santorum will run all over them.
How many of the GOP candidates believe in evolution?