Unemployment in Pontiac, Michigan is at 30 percent. And if housing needs to lead us out of the recession, the hard times will be with us quite a while longer. Welcome to the new normal in manufacturing and housing.
By blaming homeowners, bankers are trying to harness the anger of ordinary people -- who are angered by the economic disaster that Wall Street itself created -- and give ordinary people a reason to turn on each other.
The mega-bankers who derailed the economy have a new PR campaign to sell you. They're saying that families who can't pay their mortgages must bear the blame -- all the blame -- for the foreclosure crisis.
As a deregulation romance novel, hedge-fund manager Daniel Loeb's "investor letter" is a bodice-ripper. It's the latest salvo in an ongoing war against real financial regulations that protect the American people.
"Financial Reform" will be a boom for people in the payday loan business. There will be many new customers who need bank-like services. It's almost like Congress implemented a plan of "Reverse Robin Hood."