HowardThey Wanted-- to Bail it Out
October 18th 2007 15:48
Bailed out- Dead or Alive
It’s all the same;
The sub-prime is to blame
And I was looking at San Francisco Bay;
Collapse is not a joke
From Oakland to Antioch;
I’ve got a frown, it’s all going down.//////
Cause I’m a gambler;
Like Goldman Sachs;
But the Fed won’t help me;
Can’t ever go back;
The Junk Bonds won’t sell;
Everything’s gone to hell;
And now the Master Siv
Hundred bill in derivs;
(that’s short for billions in derivatives, and that ain’t Texas Tea).
But they gotta bail it out.
Dead or Alive.
The front page of the San Francisco Chronicle, Sunday, October 14, 2007, carried the following headline: "MORTGAGE MELTDOWN - NEIGHBORHOODS CRUMBLE IN WAVE OF FORECLOSURES." One report under that headline by Kelly Zito, Erin McCormick and Carolyn Said, informed the chronicle's readers that of the San Francisco "Bay Area's 236 ZIP codes, 25 are foreclosure hot spots, where more than eight of every 1,000 homes were repossessed by lenders this year." And there are similar spots all over California.
In typeface a half inch high, they blared "total number of foreclosures from January to August 2007 by city within the San Francisco Bay Area," and printed the following cities and foreclosures.
525 - Antioch
337 - Oakland
337 - Vallejo
223 - Pittsburg
197 - Brentwood
179 - Richmond
153 - Fairfield
151 - San Pablo
121 - Oakley
91 -Concord
This is why the mortgages have to be frozen, with only reduced rental payments. Otherwise these neighborhoods will be destroyed even for the people who pay their mortgage on time. The abandoned houses will become crack dens, and other horror stories. The neighborhoods could become unliveable.
pix link: Really Long Link jovi/wanted dead or alive
http:// www.musicstack .com/album/bon jovi/wanted dead or alive
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Comment by S.L.
The Political Brief
Comment by Howard
Real Crash
The idea in theory at least, is that no homeowners should be evicted. See Really Long Link Otherwise, whole communities are suffering from this, whether they are paying their mortgage on time or not.