Member since: July 10, 2008
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The fed has traditionally held almost all of its assets in Treasury Bonds. In the last year, it has swapped more than half of its holdings for risky mortgage securities etc thereby rendering the federal "reserve" highly vulnerable.
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The ballpark tax and other heavy handed edicts from the city have put this investor elsewhere. I might continue living downtown, but my downtown investments are being liquidated now.
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Toddkriegh is correct that foreclosing on banks wouldn't help the public interest, but would be great for politicians (and lawyers). There is plenty of blame to go around. Meanwhile there continues to be virtually no control over the OTC derivatives market. The banks are a huge lobby so the "fat-cats" and politicians are leaving the system vulnerable to more meltdowns.
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The condo association where I live was hit with a $350,000 special assessment to upgrade fire safety (without sprinklers). That's supposed to be a good deal because closing chases or installing sprinklers would cost two to four million. This "compromise" required 5 years of wrangling with city officials, during which time no one in their right mind would invest in a condo because of the very real threat of a multi million dollar assessment. The next threat is that the international fire code (or the fire marshal's interpretation thereof) will change again and we'll be right back to being "sprinkled to death."
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Organizing our "community infrastructure" into district planning councils is a great idea. And the Twin Cities model shows the effective way to implement and operate such a plan. Tulsa's City Councilors now have a chance to take the next step. Failing that, perhaps a grass roots initiative is no order. Way to go Michael!
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