MATT TAIBBI: From an Unlikely Source, a Serious Challenge to Wall Street

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MATT TAIBBI: From an Unlikely Source, a Serious Challenge to Wall Street

MATT TAIBBI: From an Unlikely Source, a Serious Challenge to Wall Street

Rolling Stone-

Something very interesting is happening.

There’s been so much corruption on Wall Street in recent years, and the federal government has appeared to be so deeply complicit in many of the problems, that many people have experienced something very like despair over the question of what to do about it all.

But there’s something brewing that looks like it might be a blueprint to effectively take on Wall Street: a plan to allow local governments to take on the problem of neighborhoods blighted by toxic home loans and foreclosures through the use of eminent domain.

Under the proposal, towns would essentially be seizing and condemning the man-made mess resulting from the housing bubble. Cooked up by a small group of businessmen and ex-venture capitalists, the audacious idea falls under the category of “That’s so crazy, it just might work!” One of the plan’s originators described it to me as a “four-bank pool shot.”

[ROLLING STONE]

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One Response to “MATT TAIBBI: From an Unlikely Source, a Serious Challenge to Wall Street”

  1. Joni Brit says:

    Eminent domain to take on Wall Street? And there”s a good bridge for sale in Brooklyn too, Matt.

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