Bushville
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Bushville
Thousands of Americans didn't need a Lehman Brother to know which way the wind was blowing:
A few tents cropped up hard by the railroad tracks, pitched by men left with nowhere to go once the emergency winter shelter closed for the summer.
Then others appeared — people who had lost their jobs to the ailing economy, or newcomers who had moved to Reno for work and discovered no one was hiring.
Within weeks, more than 150 people were living in tents big and small, barely a foot apart in a patch of dirt slated to be a parking lot for a campus of shelters Reno is building for its homeless population. Like many other cities, Reno has found itself with a "tent city" — an encampment of people who had nowhere else to go.
From Seattle to Athens, Ga., homeless advocacy groups and city agencies are reporting the most visible rise in homeless encampments in a generation.
But, hey, at least their money-market funds are now protected.
This is the early weekend open thread. Discuss things.
Comments (94)
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Bill Clinton signed the law that was brought to him by a republican legislature. He knew that had he vetoed it, the votes were there to over-ride. Democrats worked to put consumer protections in it. Simply because a law was passed under Clinton hardly makes it Clintons. And db, save it. This is the end result of a faulty and illogical ideology. The chickens have come home to roost and now you're calling for liberals to forget the basic tenet of our beliefs - government oversight as opposed to that of Grover Norquist which are exactly zero. Sorry. I'm with Obama. We can work together to end the crisis, but you cannot ask us to forgot how we got here.— Jess Wundrun- We're all responsible for this, but personal responsability is not popular. That is why we will not remain free.— sleepy
Brother, can you spare ten trillion dimes?- The repeal of Glass Steagal is an easy target, I've hit it myself, but if you look closer, it doesn't wash. Megabanks aren't failing, only the investment ones are. Deriatives and other insane securities, excess leverage, poor risk management, and lax lending standards are the main culprits. http://meganmcardle.theatlantic.com/archives/2008/09/clear_as_glass_steagall.php— RG
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- "The chickens have come home to roost..." What are you, Jess, some kind of Reverend Wright supporter? I don't pretend to have a lot of economic wisdom in this case, but my gut tells me that we are running around putting fires out, throwing buckets of billions here and there instead of somehow getting in front of thie freight train. (I love mixing metaphors) Nobody seems able to quantify the amount of bad debt out there and exactly who is holding it. I read something by Robert Reich that sounded intriguing, but probably too crazy to try. If American taxpayers are going to have to carry the burden of risk for Wall Street, we had better get something out of it.— SteveMG
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- Mr Bunch: I know you are a left-wing liberal, but please...Bushville? Your party has been running the Congress for two years, and I don't see any improvements. Might as well call it Obamaville, because his tax increases on coproations and "the rich" will added to the residents being highlighted here...Also, I noticed this is in Reno...isn't that Harry Reid's district? Hmmm...connect the dots...— Bush3
- bphilly: I don't blame the last guy in charge. I do blame 75% of the last four guys in charge tho.— Jess Wundrun
- Well, since you blame 75% of the last four Presidents, and since you don't blame the last guy in charge (Bush 43), then you clearly blame Clinton and two other Presidents who were both elected more than 20 years ago. I wonder which of those three should earn the preponderance of your blame.— legatus
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- "Megabanks aren't failing, only the investment ones are." That article I posted yesterday about the SEC easing margin requirements on the top 5 investment banks seems to be the best regulatory correlation - of the five, only two remain as stand-alone entities, and MS is looking to merge. It makes sense - if you are overly-leveraged, the downfall can come very quickly, as the margin calls add up.— db_cooper
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