bbc report sheds light on bush "hoovervilles"

[saz]

"What if there was a depression and nobody told?" That's the question raised by the blogger at The Subliterate Cinephile, responding to a searing BBC report on the "subprime shantytowns" that have sprung up in Los Angeles. Reminiscent of the "Hoovervilles" that sprung up across the United States, these images - called "grim" by the BBC reporter - make all the talk of whether or not we may be heading into a recession seem awfully hollow. And the essential question, is why we have "found out about this from the BBC and not US media."

watch (http://www.youtube.com/watch?v=CnnOOo6tRs8)

[YoungRemy]

if they are talking about "The Nickel"
(Skid Row), this is nothing new...

shantytowns, tent cities, hell on earth, zombies....

[alien autopsy]

of course the government is not going to admit to economic slowdowns. they dont want to cause a panic driven domino effect. people are losing their homes left and right, america is going down the shitter.

[YoungRemy]

seriously, this is not about a depression or a recession. this is about homelessness and drug addiction in America, which has been around alot longer then Bush.

[alien autopsy]

As many as half of the 450,000 subprime borrowers whose mortgage payments increase in the next three months may lose their homes because they can't sell, refinance or qualify for help from the U.S. government.

source: bloomberg (http://www.bloomberg.com/apps/news?pid=20601109&sid=akOEPec30TR4&refer=home)

Subprime loans have led to one million American families losing their homes in the past decade, a new study by the Center for Responsible Lending has found. In the last ten years, the subprime loan industry has emerged as a major, and controversial, player in the housing market

source: democracy now (http://www.democracynow.org/2007/4/4/subprime_lending_crisis_millions_of_families)inter view with an attorney at the Center for Responsible Lending

oh its real remy.

[saz]

seriously, this is not about a depression or a recession. this is about homelessness and drug addiction in America, which has been around alot longer then Bush.

yes this is about a recession, and predatory or subprime loans. if you watched the video you'd see that the people the bbc talked to lost their homes due to this. and if bush and republicans in general weren't so opposed to market regulation and safe guards, this crisis could have been avoided, plus the enron and other corporate collapses.


Democrats, Bush Square Off Over Housing Relief
President Resists Wide-Scale Assistance

By Jeffrey H. Birnbaum and Lori Montgomery
Washington Post Staff Writer
Thursday, March 20, 2008; Page D01

Now that the Federal Reserve has pledged billions of dollars to rescue Wall Street bankers from possible default, lawmakers and regulators are turning their attention to helping average citizens -- from homeowners in danger of foreclosure to people who want to buy a home.

But unlike the Fed's rapid moves last week to stabilize financial markets, the consumer benefits are likely to progress slowly as they face resistance from the Bush administration on some broad issues and from special interests on some narrow ones.

President Bush continues to resist large-scale legislation to bail out homeowners in distress.

"We have not seen any new ideas out there that we're willing to support," White House spokesman Tony Fratto said.

"There's real fear about where this crisis is going to end up," said Francis Creighton, a senior lobbyist for the Mortgage Bankers Association.

link (http://www.washingtonpost.com/wp-dyn/content/article/2008/03/19/AR2008031903275.html?hpid=moreheadlines)