CT Blue

Friend Matt Berger has been sending links to multiple articles, such as this, on the foreclosure moratorium situation. It’s interesting that the banks, the press, and Obama’s people are pushing the meme that the law should not get in the way of the banks attempts to foreclose on mortgages which, in many cases, they may not own. Isn’t it funny how the law becomes a mere technicality, something to be brushed aside, when it’s convenient for the powerful, but something to which we peasants (think, especially, of the failed attempt to get cram down legislation) must adhere as a matter of personal responsibility.

This one will be more difficult for the banks, because they are going to have to deal with judges, who might not take as flexible a view of the law as they might like. The banks have for years, before these very judges, argued successfully that debtors should be held to the letter of the contracts they sign, and the laws to which they are subject. How likely is it that many are going to want to cut the banks much slack at this juncture.

The situation is really quite clear. The banks have created a situation in which they have no legal right to foreclose on the properties on which they claim to have mortgages. This is a situation they created entirely on their own, by assuming they could create an alternate title system that ran by their rules, instead of the rules of the several states.

If the Obama folks had any insight into the current mood of the country, they might make the most of this. But they won’t, not with Timmy at treasury. If this means the banks go down, then this time we should let them go down. These are the same banks, after all, that took our money, lent it back to us at a profit, and then refused to lend it out to businesses that need credit to help get us out of this bank created depression. Other banks will rise from the ashes. If they learn there’s a price to pay for cutting corners, maybe they won’t cut corners. It’s called personal responsibility.

This time, take the money that will be needed to bail out the banks and spend it on bailing out the people. Of course, I’m dreaming. They’ll bail them out again, with Republicans and Democrats suddenly finding common cause.