O, Sweet Saint Of San Andreas

Such a bad idea on so many levels....
so you just know they are going to go through with it.

Nice.

Must have got it all put together
before the crack and pot ran out.
.

Last step to socialist utopia. No matter how badly you look after your financial lifestyle, government will look after you. The California dream. Food, spending money and a roof over every head. Just doesn't get any better than that. Wonder who's gonna pay for all that. Ahhh....who cares. It's what Obama promised.

More tinkering!

How did such an amazing country become such a socialist cesspool?

I don't suppose that it has occurred to these geniuses that there are thousands of people with experience in mortgage financing who would be doing this on their own if they thought that it was a good idea.

Of course, all California municipalities have plenty of money to do this sort of thing. Just ask the folks in Stockton or Vallejo (or dozens of others in the next ten years).

From the folks that closed down an entire agricultural industry over a tiny fish (Delta Smelt) nothing is shocking.
Cause and effect doesn't win elections, these days.
And the fat -cat Lieberal Dems will find a new city to fool.
Again. And again, Ad Nauseam.
D

Oh Yay more incentive to fail! What could possibly go wrong?

I'm a little tight this month what with Obambam screwin' the economy and all so if I let my mortgage go the government will seize my house from the bank and sell it back to me for what its worth! Why now instead of the 1/2 a million I owe I will only owe 50 grand!

Waddayamean the bank doesn't have any money!?!?

Dear Kate:

Technically, the fault is named (in English) "The Saint Andrew Fault". So I think the patron saint of Scotland & Russia is your heavenly go-to guy.. though word has it he's the patron saint of fishermen, fishmongers, rope-makers, golfers and performers.. not so much anything seismological.

Actually, it was named after a small town in Northern California. Not too far from Lodi.

In an economy dominated by a banling oligigopoly and klepto-economics, bankrupsy is a cleansing act that will eleminate predatory interest seekers. The best thing that can happen to America's economy now is for these banks to write down toxic debt and controct the money supply or simply go bankrupt trying to collect unrecoverable debt - from mom and pop banks to the Fed, the glutons must fall in times of fasting.

@ Binks, Webelf at July 6, 2012 10:11 AM

Good research, but we are talking about the "Sweet" one, believed to be his younger brother. Word has it that he's insane, gay and only looks after politicians and bureaucrats in California. Glad to clear that up for yuh.

Actually, San Bernardino is just east of the fault, so if it were to let go, they'd suddenly be the new coast, property values would zoom, and everyone would be happy!

The Riverside Dam sits astride the fault.

Poor planning. Surf's up!

I see property rights mean about the same as here. Little or none.

I thought this piece needed some editorial correction and clarification. Hopefully, the html tags work.

A handful of local officials in California who OWN PROEPERTY THAT IS UNDERWATER say the housing bust is a public blight on their cities WALLETS may invoke their eminent-domain powers to restructure THEIR mortgages as a way to help some borrowers THEMSELVES who owe more than their homes are worth.