Did Greedy Homeowners Cause the Big Crash?

homeowners

Steve Hochstadt: We grredy American homeowners appear as co-conspirators in many judgments about what caused the great recession. In these interpretations, many of us were greedy for wanting bigger homes than we deserved, foolish to have then bought larger houses than we could afford, and stupid for agreeing to the low-interest/low-payment scams of mortgage sellers.

Why Citi Turned Around on Mortgage “Cramdowns”

class-struggle

The latest data show one out of ten homeowners in the United States is either late in making a mortgage payment or in such serious arrears as to risk foreclosure. Last week, congressional Dems breathed a sigh of relief when Citigroup dropped its opposition to a proposed change in the bankruptcy laws allowing distressed homeowners […]

The Collapse of the American Economy: Treating the People’s Economy Instead of Wall Street’s Cold

By nearly all accounts (except for the fervent Republican ideologues), the American economy is on the verge of collapse. Both Congress and Wall Street are very quick to shift the burdens of greed and decadence from the insolvent banks to the backs of the taxpayers through a $700 billion bailout. This expenditure is equivalent to […]

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