Comments on: Summers overplays stimulus, silent on zombie bank drag

By: mward1921

mward1921 — Fri, 05 Aug 2011 14:47:55 +0000

The harvesting of copper from vacant homes is part of the social dysfunction in our society of the haves and have not’s. Most likely unemployed construction works who have the understanding of the system and the difficulty the banks have monitoring the millions of vacant homes in the United States abandoned by discourage and unemployed American workers. Bank of America in 2009 hired individual to go to homes in default to determine if actual people were in the homes and were they the right people to be there. Maybe should have sent a banker.

By: Robertla

Robertla — Fri, 05 Aug 2011 11:09:06 +0000

good points

By: coyotle

coyotle — Thu, 04 Aug 2011 20:16:11 +0000

Alan Greenspan suggested not bailing out the banks and instead give monetary and tax incentives to banks in return for keeping people in their homes by using interest rate and or principal reduction. A sort of indemnification as it were. In light of the drop in the real estate market this was economically a prudent idea. I doubt seriously if any one crunched the numbers to see if it were feasible. Our government rejected that idea. Now we have millions of homes standing vacant being vandalized while the ranks of the homeless continue to grow.

By: SGinOR

SGinOR — Thu, 04 Aug 2011 19:33:17 +0000

Good points. I think the feds should have also forced the banks to refinance mortgages to straight 30@5% loans as soon as the meltdown started. It would have been painful and pi$$ed off the (at that time) stable and responsible borrowers but many of these folks ended up getting sucked into the abyss anyway as businesses started failing. The banks and the rest of us would be in better shape now if they had found a way for people to keep making their house payments.