With the Obama administration desparately seeking to take the panic curse off the term “bank nationalization” by using politicized semantics (as with the renaming of TARP to EESA) it may just be a matter of time before they come up with a less acrimonious acronym.
Or they could just use the current acronym that would have worked fine since the summer of 2007, as our friends in West Palm have come to know it:
“In Florida, the HBPA was filed in the Florida House of Representatives by State Rep. Priscilla Taylor (D-West Palm Beach), as House Memorial 913. The resolution is already the subject of much debate among Florida legislators and politicians, as Florida’s foreclosure rate skyrockets. Florida ranks number two in the nation in foreclosure rate, with 1 in 22 housing units receiving at least one foreclosure notice in 2008. Ft. Myers has 41,000 properties in some stage of foreclosure, prompting chaos in their court system, and throughout Lee County.”
The HPBA or Homeowners and Bank Protection Act is a simply stated form of bankruptcy reorganization that includes elements of bank nationalization when “assets” of severely over-leveraged derivatives warrants it.
Cudos to Taylor!
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.