It actually seems right to them: the most important thing is to get all the foreclosures moving along briskly so that the “market” can “re-balance”. Of course the Bloomberg editors don’t have to personally deal with this part:
where a cop comes in to hurry you along on your way so that the place your children used to play with their toys can sit empty for years, waiting for some other rube to buy it in a falling market that is “resetting”. After borrowing from a bank, of course.
This is what the banks and the “investors” want. The homeowners who have lost their jobs precisely because of what the banks and investors are doing and have done, and the children of these homeowners, do not matter in any important calculation being done by any public official.
Where do these people go? What happens to them? After they lose their homes they can’t even vote anymore, having no verifiable address, so……who cares?
This result is a failure of imagination, a failure of elementary morality on the part of the people holding the reins of power. Of basic human decency. They will engage in this conduct and make millions more homeless while grabbing what they can for themselves out of the carcasses of what is left.
This is financial cannibalism. It is incredibly destructive socially, and it is shameful. And really, unless Occupy can get some serious traction this year, this path will be blindly followed until a devastating outcome inevitably occurs.