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Northwest Voices

Seattle Times letters to the editor

February 17, 2009 at 4:00 PM

The housing crisis

Place moratorium on foreclosures

Americans should demand a national moratorium on foreclosures along with rent controls on apartments.

Former President Clinton completed the deregulation of commercial banks in 1999 and they went on a rampage of risky investments and speculation. They sold the fiction of free money to an American public raised on the promise of homeownership and encouraged to equate patriotism with consumption in a post-911 world. The inflationary housing market boomed. Banks and brokers made billions.

Now the banker/broker-generated bubble has burst but there are no plans to tax their billions or hold these predators accountable. Instead, the federal government sends them billions more.

And American homeowners facing foreclosure? Just like New Orleans, no one is coming, except the sheriff.

Homeowners have been tricked by predatory lenders, broken by hospital bills, punished for being laid off, forced into bankruptcy and tarnished for lacking virtue sufficient to carry the debt.

The banker/broker economy based on fictitious financial production is imploding. It wasn’t created by the American homeowner; no stimulus package can heal it. People should get to stay in their home as we figure out how to create a new economy that actually produces tangible products of social benefit.

— Dan Leahy

Comments | More in Economy, Recession

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