A couple of posts from the Financial Frontier:
First, from the it isn’t over yet department, the housing market collapses in the UK:
UK house prices fall by record 3.6pc in a month
The UK housing market has suffered a shock as figures from the Halifax revealed the average price of a property dropped more than £6,000 in September .
And from the good government department:
Calls are growing for a nationwide moratorium on home foreclosures following the recent revelations that major lenders may have committed fraud while forcing thousands of people out of their homes. On Thursday the White House announced President Obama will not sign a bill approved by Congress that could have made it easier for banks to foreclose. We discuss the latest in the foreclosure crisis with Ohio Secretary of State Jennifer Brunner. This week, Ohio filed a lawsuit accusing the lender Ally Financial and its GMAC Mortgage division of fraud in approving scores of foreclosures.
Next, there will some interesting decisions the banksters have to make, all centering around the question of how dirty do they want to fight. These debates won’t want to take place in public, but thanks to wikileaks and others we can expect more revelations like Bernie Marcus’ memorable appeal “to shoot” any business leader who does not oppose the Employee Free Choice Act. Of course, anyone like the Ohio Secretary of State Jennifer Brunner who tries to stop the foreclosures that are destroying neighborhoods will be accused of starting a “class war.” But asking for those who don’t oppose legislation to be shot isn’t inciting a class war, it is doing something truly noble.