As for the “housing collapse” I can tell you how that happened that no one seems to cover in the MSM (care to guess why?? ha ha) and that is due to the take down of the Savings and Loan industry. I have personal experience with this as my Father was a S&L executive and believe me at his firm he did NOT approve home loans to those who could not make the payments. Dial the “wayback machine” back to the late 1980′s when the S&L scandal hit…unfortunately many S&L’s were caught up in the dirty dealings as they were all connected via the Fed Home Loan Bank board, just like all Banks are connected today. So if a big guy goes down, those in the chain are damaged too.

Then enter the 1990′s and the takeovers of the S&L’s by the giant banks, like Chase, Citibank, etc. That’s what happened to my father’s firm: leveraged buyout. Why? Because that eliminated those who would hold in check the risk taking of the soon to be housing scandal. My father spent most of his life building his tiny one office firm (starting as a teller and working his way up) to 15 branches throughout the IE with sound money practices – only loaning based on solid assets held by the firm. One day after the leveraged buyout it was all gone…poof! One man’s hard work gone with the stroke of a pen. My Dad passed about a year later with a broken heart; how could he not? He spent his entire life vigorously defending S&L’s and bristling that they were NOT A BANK, and “don’t ever call them that!!” It was difficult if not impossible to get most people to understand the difference, including with me. I remember him being extremely upset when Glass-Stegall was repealed; he felt it was the beginning of the end for the country (he grew up during the “Great Depression”) and he was absolutely correct. It’s not JUST that immigration has contributed to this problem, but the criminal actions of the Banksters that set the scene to allow it to happen, and literally led those who could not pay by the hand to the signing table.

And we are supposed to feel alarmed at this. According to the Socialists/Marxists, BHO, Nancy Pelosi, and Harry Reid, yes. This issue demands wealth redistribution. San Bernardino is too big to fail. We need another stimulus package to help bail out cities like this. They (San Berdo, need BHO and his book of lies, “Dreams of my Father”) to bail them out. Only progressives (Socialists/Marxists)can feel the pain of the oppressed and can solve it thru the gubmint’s legalized poinzi scheme. Take from the rich and give it to the poor, down trodden minorities, the Hispanics. Lord knows we cannot afford to have them immigrate back to Mexico. Who will do the mindless, and less than stellar, jobs in CA?

“But budget problems hit hard in 2007. The city of about 210,000 residents suffered from the collapse of the housing market, and had the second highest foreclosure rate in the US.”

This is what you get when you let 3d world people purchase homes who cannot afford mortgage payments. Thank you Barney Rubble, oops, I mean, Frank, and Chris, the mouth, Dodd. I have no sympathy for CA. They went 3d world and this the price they have to pay.

Harold, you are absolutely right in your observations.

Just my thoughts.

Deo Vindice

Agreed. Well said.

I talked to a military guy who actually thought he paid taxes…and did not really understand he was paid BY THEM, and that was connected to his degradation of the public (they were stupid, ignorant, racists, etc, etc) —but the degradation often precedes taking their money.

The economic management class is sometimes shocked when their “Day of the Locusts” leaves nothing more to distribute.

In a town that went from 70% white Generational Americans to 65% latino— they must be very confused, feeling they’ve “done all the right things” in giving to the poor and so on.

But the Management Class makes tons of money, stamping on what they collect. They will just take what they have and maybe leave the country when its used up

Deo Vindice