Thursday, September 11, 2008
The destruction of private home ownership is happening right before your eyes
Technically, the government has set up a conservatorship that has the option to buy almost 80 percent of the common stock at low prices and manages the business. About 20 percent of the stock is still privately owned, but its value has decreased drastically in the past year. Entire working-class communities have been destroyed as the tidal wave of foreclosures continues to surge across the country, leaving boarded-up windows and “for sale” signs in its wake. But the federal government has done absolutely nothing of substance to help the millions of workers affected by foreclosures. Meanwhile, over the past year, the government has rushed to the aid of nearly every investment bank and financial institution affected by the housing market meltdown.