Best of the Nevada blogosphere featuring Chamberlain
Some really good stuff from the center-right blogosphere this last week, including a ton of reporting on last Saturday's caucus. Since that's more political, it doesn't qualify for this, no doubt, highly sought-after weekly award.
This week, my choice for "Best of the Nevada blogosphere" comes from Michael Chamberlain at Cranky Hermit.
- Fed Mortgage Deal: Getting Their 26 Billion Pounds of Flesh, by Michael Chamberlain at Cranky Hermit.
What it's about and why it's a great post: The media's been abuzz with news that Attorney Generals in 49 states reached a settlement with five banks for irregularities in foreclosures. This is being portrayed as a big win for homeowners, but Chamberlain goes behind the spin and details why this is going to have negative impacts on the housing market and create numerous moral hazards.
The money line: There is a significant contingent of people, exemplified by the OWS movement, that believes homeowners should simply be allowed to keep their homes regardless of their ability or willingness to repay the loans that purchased those homes in the first place. There is an even more widespread belief that people who got caught up in the frenzy of the bubble - who purchased homes during the bubble believing that the value would continue to increase forever or who used their homes like an ATM, cashing out equity to support a lifestyle beyond their means - are victims of these evil bankers. These people are not victims of anything but their own poor decisions.
Here's my current list of center-right blogs in Nevada. Check them out and leave a comment or two!
The Complete Las Vegan
Kickin' Up Dust (Nevada Farm Bureau blog)
The Libertarian Popinjay
Nevada News and Views
Reno Hayek Symposium
Sean CaryTransparentNevada blog
The Western Wrangler