Out of San Bernardino County,
California, we have this story (you
will remember that the city of San Bernardino declared bankruptcy last week).
FONTANA, Calif. (AP) — In the foreclosure-battered inland stretches of
California, local government
officials desperate for change
are weighing a controversial but inventive way to fix troubled mortgages:
Condemn them.
Officials from San Bernardino County and two of its cities have formed a local agency to
consider the plan. The securities industry has been quick to register its
displeasure and say it will only make loans harder to get. . . . . read the full article here.
One of my complaints
against post-modern Democrats is this,
they cannot or do not “see” beyond the end of their noses. Their planning, more often than not, is short sighted and reactionary, and that is a killer when a Utopian dream is
the backdrop for so many of their decisions.
Case in point, the notion that a legalized bank theft by the
[local] the government is somehow good for the people is almost beyond imagination. This plan is developing but includes
condemning properties that are in foreclosure, thus, lowering property values. As a result,
property taxes (income for the country) go down as well as loan costs on the new property values and interest (income) earned by the banks.
Problem, and there is more than one: mortgages in the region would be almost
impossible to secure; the “condemnations” would be an extension of eminent domain
requiring the cash strapped county to pay market values for all properties
condemned; such an action would lower
ALL property values in the region including those not involved in the
rescue, costing the county millions upon
millions in property tax reassessments. Understand
California schools are funded via property taxes. With this action, area schools would have to secure financing
from State funds and the State of California has run a billion(s) dollar deficit
for 30/40 years. In spite of a
constitutional amendment requiring a balanced budget, State legislators simply say the “new” budget
is balanced when, in fact, it never is.
I know, I live in this idiot
state.
Solution to such nonsense: simple,
stop electing these clowns to office;
give up on the Utopian Dream, and
run Democrats out of the State.
I predict that this plan is so devoid of commonsense that it will never go into effect; some plans are simply too stupid to survive.
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