Our Common Good

But there’s something brewing that looks like it might be a blueprint to effectively take on the financial services industry: a plan to allow local governments to take on the problem of neighborhoods blighted by toxic home loans and foreclosures through the use of eminent domain. I can’t speak for how well the program will work, but it’s certaily been effective in scaring the hell out of Wall Street.

Under the proposal, towns would essentially be seizing and condemning the man-made mess resulting from the housing bubble. Cooked up by a small group of businessmen and ex-venture capitalists, the audacious idea falls under the category of “That’s so crazy, it just might work!” One of the plan’s originators described it to me as a “four-bank pool shot.”

  1. titleknown reblogged this from sarahlee310 and added:
    EVEN NOW THERE IS HOPE FOR MAN!
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  7. politico2012 reblogged this from sarahlee310 and added:
    not a challenge to wall st, more a proposal as to who should clean up the mess they created in the years leading up to...
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