Here’s a humdinger: despite everything that’s happened, Detroit is still going ahead with its plan to build a $450 million taxpayer-funded sports arena. One might might think that the largest municipal bankruptcy filing in US history might put Detroit’s leaders into a period of modesty and introspection. One would be wrong. -Walter Russell Mead
Democrat, Liberal, Incompetence, Obama, Financial, Debt
New mortgage rules issued last week by the administration will have the effect of forcing lenders to approve prime loans to borrowers who would normally only qualify for subprime loans carrying higher interest rates and fees to cover the added risk of default. Banks are already under renewed pressure from federal prosecutors and regulators to make home loans to low-income borrowers with blemished credit as part of the administration's stepped-up enforcement of anti-redlining laws.
Liberal, Brilliance, Oops
Paul Krugman, a liberal economist and New York Times columnist, said increased government spending is key to economic recovery. During an interview on Friday on “Moyers & Company,” on PBS, Bill Moyers asked, “And you argue that this could actually be solved in two years?”