View Poll Results: Eminent Domain: Is It a Good Idea or Not/

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  • Yes, Good Idea.

    1 7.69%
  • No, Bad Idea.

    11 84.62%
  • Other, please explain.

    1 7.69%
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Thread: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

  1. #11
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    Quote Originally Posted by DaveFagan View Post
    Is this fair?

    Is this different than eminent domain used against homewoners?

    If bankers had not been bailed out, would home prices be much lower?

    Are we trying to protect bankers again?
    It looks like a victory for the little guy on its face, but if local governments can use Eminent Domain to shaft lenders out of hundreds of thousands of dollars because of market forces not within their control, why would any lender ever enter into a mortgage again? For that matter, I think the widespread use of this tactic would shift from a refusal to loan in the area where the tactic is used to the invention of some new financial mechanism to replace the mortgage that local governments can't supercede. Such a mechanism would be designed solely to protect lenders and investors, and would be an effective replacement because mortgages would cease to hold any interest for lenders.

    It would essentially become a situation where homeowners who already have what they want get theirs, and everybody else who comes after them looking to own a home gets screwed.

    This is on top of the fact that I think that "underwater" borrowers aren't in a crisis situation simply because they are "under water" -- if you budgeted for what you borrowed, you should still be able to pay, and the fact that the value of your home bottomed out shouldn't change that. The fact that your idea of your home as an investment isn't working out doesn't mean you deserve rescue.

    This is on top of the fact that I have a huge problem with Eminent Domain to begin with.
    I'm already gearing up for Finger Vote 2014.

    Just for reference, means my post was a giant steaming pile of sarcasm.

  2. #12
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    The (especially expanded) powers of eminent domain, along with such things as the search and seizure powers in the drug war, are so hilariously against the spirit of the constitution I'm dumbfounded they're allowed to exist.

  3. #13
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    If the elected people decide to use e.d. This way fine. I just think any one that any lender that is asked to give a mortgage to any resident of Richmond should be allowed to charge 18.9% interest for the risk they are about to incur or just say no to the lending. Again I support the freedom of people to use govt as they want, but business should be free to respond how they want. I wonder what Richmonds property values will be when no one is willing to lend there unless the home has 33% equity or more?


    Quote Originally Posted by DaveFagan View Post
    Richmondís rules: Why one California town is keeping Wall Street up at night

    Richmondís rules: Why one California town is keeping Wall Street up at night
    "For communities across the land -- North Las Vegas, San Bernardino County, Calif., Chicago -- where too many are stuck with house payments beyond what they can afford, this was the nuclear option. While those cities backed away, Richmond hit the
    button.
    The mechanism? Eminent domain, the power of the government to seize private property for public use, which has not typically been used to help poor neighborhoods. After five years of the federal government gently nudging banks to forgive homeowners debt they took on in better days, cities have found a legal weapon the financial industry truly fears.
    The stability of those housing markets, and the banks that profit from it, could depend on the fallout.
    The strategy's complexity has left stakeholders to lean on dogfight rhetoric: From the community activists, "Save homes, stop foreclosures." And the Realtors, "Stop investor greed." And the lawyers for the investors, "Prevent this unconstitutional
    investment scheme." "
    Richmondís rules: Why one California town is keeping Wall Street up at night

    Is this fair?

    Is this different than eminent domain used against homewoners?

    If bankers had not been bailed out, would home prices be much lower?

    Are we trying to protect bankers again?

  4. #14
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    My justification is that the Government caused mortgages to be falsely valued by bailing out crooked bankers to prevent a greater catastrophe. The Government was trying to prevent deflation and to a certain extent, they did. Their financial largesse has saved the banks asset portfolios and instead of causing bank freeze by increased Reserve requirements by reduced asset base, it has allowed the continuation of huge salaries and bonuses. Manipulation should be against the law, but apparently it is not, ergo Eminent Domain becomes a viable weapon of manipulation in the hands of those that are usually bent over with no KY.

  5. #15
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    Quote Originally Posted by DaveFagan View Post
    Richmondís rules: Why one California town is keeping Wall Street up at night

    Richmondís rules: Why one California town is keeping Wall Street up at night
    "For communities across the land -- North Las Vegas, San Bernardino County, Calif., Chicago -- where too many are stuck with house payments beyond what they can afford, this was the nuclear option. While those cities backed away, Richmond hit the
    button.
    The mechanism? Eminent domain, the power of the government to seize private property for public use, which has not typically been used to help poor neighborhoods. After five years of the federal government gently nudging banks to forgive homeowners debt they took on in better days, cities have found a legal weapon the financial industry truly fears.
    The stability of those housing markets, and the banks that profit from it, could depend on the fallout.
    The strategy's complexity has left stakeholders to lean on dogfight rhetoric: From the community activists, "Save homes, stop foreclosures." And the Realtors, "Stop investor greed." And the lawyers for the investors, "Prevent this unconstitutional
    investment scheme." "
    Richmondís rules: Why one California town is keeping Wall Street up at night

    Is this fair?

    Is this different than eminent domain used against homewoners?

    If bankers had not been bailed out, would home prices be much lower?

    Are we trying to protect bankers again?
    I really do not quite know, what the consequences would be. With a recession on the horizon I do not think I like the experimental character of a measure that seems so potentially consequential. The risks involved could destabilize the economy even more.

  6. #16
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    What an incredible way to steal from the pension funds of others. Anybody that knows Richmond knows that this is nothing more than another minority wealth redistribution scheme.

  7. #17
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    Quote Originally Posted by DaveFagan View Post
    Richmondís rules: Why one California town is keeping Wall Street up at night

    Richmondís rules: Why one California town is keeping Wall Street up at night
    "For communities across the land -- North Las Vegas, San Bernardino County, Calif., Chicago -- where too many are stuck with house payments beyond what they can afford, this was the nuclear option. While those cities backed away, Richmond hit the
    button.
    The mechanism? Eminent domain, the power of the government to seize private property for public use, which has not typically been used to help poor neighborhoods. After five years of the federal government gently nudging banks to forgive homeowners debt they took on in better days, cities have found a legal weapon the financial industry truly fears.
    The stability of those housing markets, and the banks that profit from it, could depend on the fallout.
    The strategy's complexity has left stakeholders to lean on dogfight rhetoric: From the community activists, "Save homes, stop foreclosures." And the Realtors, "Stop investor greed." And the lawyers for the investors, "Prevent this unconstitutional
    investment scheme." "
    Richmondís rules: Why one California town is keeping Wall Street up at night

    Is this fair?

    Is this different than eminent domain used against homewoners?

    If bankers had not been bailed out, would home prices be much lower?

    Are we trying to protect bankers again?
    That is crazy. I knew a lot of California was on the socialist bandwagon. Just one more example of how the socialist are trying to twist laws.
    Only a fool measures equality by results and not opportunities.

  8. #18
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    Quote Originally Posted by DVSentinel View Post
    That is crazy. I knew a lot of California was on the socialist bandwagon. Just one more example of how the socialist are trying to twist laws.
    Is it socializing of profits instead of the current mantra of privatizing profit and socializing of liabilities? I use Nuke Plants and "Too Big To Fail Banks" as the prime examples of socialized liabilities and privatized profits.

  9. #19
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    Re: Eminent Domain From an Altered Perspective and Is It a Good Idea or Not?

    Quote Originally Posted by DaveFagan View Post
    Is it socializing of profits instead of the current mantra of privatizing profit and socializing of liabilities? I use Nuke Plants and "Too Big To Fail Banks" as the prime examples of socialized liabilities and privatized profits.
    It is taking property for public distribution, not use. It is just one more step of relieving people of having to live with the consequences of their own choices. No one held a gun to their heads and made them sign the mortgage agreements.

    I'm also against the government owning power-plants and was against the bailouts.
    Only a fool measures equality by results and not opportunities.

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