Tag Archives: foreclosures

When Crony Capitalism Goes Bad

Posted on by

The government has finally found someone to blame for the mortgage meltdown: S&P, a ratings agency. But the accused says the government has other motives. [Credit: Boston Globe]

The gov­ern­ment has final­ly found some­one to blame for the mort­gage melt­down: S&P, a rat­ings agency. But the accused says the gov­ern­ment has oth­er motives. [Cred­it: Boston Globe]

What hap­pens to crony cap­i­tal­ism when things go bad­ly? Every­body lawyers up and charges and coun­ter­charges fly hard­er and faster than in a nasty divorce. Con­tin­ue read­ing →

The Next Bailout: Seizing Investments for “Public Use?”

Posted on by

 

The government seized Susette Kelo's house for "economic development." Will the next bailout involve government seizure of private property? [Credit: money.cnn.com]

The gov­ern­ment seized the land on which Susette Kelo’s house once stood.  Will the next bailout involve gov­ern­ment seizure of pri­vate invest­ments for “pub­lic use?” [Cred­it: money.cnn.com]

Thought you’d heard the last of gov­ern­ment bailouts? Think again. The Fed­er­al Reserve Bank of New York, which played a cen­tral role in the leg­endary bailouts of 2008 and beyond, has pub­lished a piece call­ing on fed­er­al, state and local gov­ern­ments to join forces in what could be the most far-reach­ing bailout of all time. And here’s the kick­er: it is all ben­e­fit and no cost. No, real­ly. Con­tin­ue read­ing →