Confidence Fairies and Attorneys General

[phantom power]

In short, the Administration's argument boils down to the idea that Americans need to re-inflate a still overinflated housing asset bubble to reinvigorate the economy, because the idea of making gains through wage increases, jobs programs and burden-lightening social programs are off the table. In fact, not only are those things off the table, but it's actually time for austerity measures that will contract wages and employment.

That's why the Administration is dead set on hoping we get lucky by boosting the confidence fairy, because they have no other plan for boosting the economy. None. And if that means papering over massive criminal activity on the part of the financial industry to make the confidence fairy perk up her little wings, then so be it.

That, then, is the context for New York Attorney General Eric Schneiderman's removal from the group of nationwide Attorneys General seeking a settlement with the banks. Schneiderman isn't keen on the deal being sought to grant immunity and a slap on the wrist for these institutions, and wants significantly more accountability to protect both investors and homeowners. Particularly since no one yet knows the full extent of the criminal negligence involved:

http://digbysblog.blogspot.com/2011/08/confidence-fairies-and-attorneys.html

[xchrom]

1. Recommend

[WillyT]

2. HUGE K & R !!!

:kick:

[gratuitous]

3. Yes, that's just what's needed

A return to the worst days of overpriced real estate the nation has seen. Because otherwise, the sharpers who wrote those loans might not make back their entire investment with interest. And that's a crisis that must be averted at all costs. You're upside down on a mortgage and your choices are to walk away or be in debt up to your eyeballs for the rest of your life? Too bad for you; Bank of America needs to avoid any consequences for its part in this mess, innocents that they are.