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The cavalry ain't a-comin', hoss

By Owen Paine on Saturday October 10, 2009 06:57 PM

I just saw Michael Moore's latest effort. It's not really about capitalism as much as foreclosure, American style -- yup, good ole sheriffs-comin' foreclosure -- and, as we used to say, "the fightback".

Fightback ain't easy -- so is there a lighter way? Uncle offers hope these days -- right? A plan for us, even for the least of us.

Here's Liz Warren's update on Obie's mortgage mitigation program, and here's the delightful Miss Warren herself as talking head:

Her report gives us a sense of just how likely it will be that us 'good people' facing foreclosure ahead will be rescued by Uncle Sam:

"From July 2007 through August 2009, 1.8 million homes were lost to foreclosure and 5.2 million more foreclosures were started. One in eight mortgages is currently in foreclosure or default. Each month, an additional 250,000 foreclosures are initiated. [Current levels of funding] will support about 2 to 2.6 million modifications. But if foreclosure starts continue their push toward 10 to 12 million, as currently estimated, the remaining losses will be massive."
Note, please: those are the plan's own estimates -- they don't come from outsiders. In other words, I'll lay ya 6 to 1, if yer headed into foreclosure, the program won't get to you in time.

As Warrens's posse sees it, there are three things that don't look promising about the setup:

"First is the problem of scope.... The second problem is scale.... The third problem is permanence"
Ooops! Sounds like three strikes, you're out -- eh?

My squint on this: HAMP -- as this 7th cavalry program acronyms itself -- looks like the Katrina helicopter roof rescue so nicely folded into Moore's montage:

Bottom line: I suggest stick to 'fight back'. Unlike Uncle's doubletalk flimflam, plain old fightback scales up nicely, scopes out limitlessly, and permanence is its middle name.

Comments (7)


months ago i talked with someone (hobbit) very excited about the miami actions. i sed, "it's a matter of scale." i wanted the people who fought for that house to have taken their fight upstream.

also i read a list of all the econ-ish bloggers had advised on the love story. kind of nifty but the movie left out dean baker (et al)'s "let 'em rent!" proposal.


let em rent to own is a decency modulation
but to enforce decency
i'm sure u agree
we must stop the forecolsure process
as close to "in its tracks " as possible
the early 30's both provide models and inspiration

maybe some few thousand folks
might get organized to threaten
to burn the house down
grab some national headlines
i suggest is necessary
i note those cases of simple community
anti forclosure success
are not readiy picked up
and amped up by the MSM obviously


moore's movie ??

best part:
the chi window assembly plant
occupation struggle

but not the most motivating

one has to open the ole eye
at the wild down spiral of pilot wages

and of course his usual
one man guerilla theatre
with his trade mark confrontations

with straw bossery
and the ubiquitous
jelly bellied
donut and coffee

an agitprop
here used more sparingly
and to as a result better effect

the voice over narrative strikes
a nice range of tones i think
less of moore's odd tropic bathos

the broad front act
with the catholic church ??

as if liberation theology
was alive and well in the rust belt
strikes me as over play
but hey what do i know
what might resonate
with our host of
benighted white mackrel snappers


ok. i noint thee 'billionaire.' money's no object. you have a variety of existing networks, some frayed, stressed, or nervous to move faster than their leaders, with or without being in pinch. you have ultramedia and personal mobile communication. you have weeks not months.

do you begin by outing everybody's household finance skeletons, with details? "hello, my name is america, and i am a credit addict."

money's no object.


Maybe this is terribly bloody-minded of me, or maybe it reflects a failure of imagination. But as a lifelong renter I can't help thinking that a bloodbath of foreclosures would be wonderful. I'd like to see house-ownership become an anomaly.

I keep hearing that speculators are still building and suckers are still buying -- at reduced prices, of course, but they're buying.

What will it take to get this brain-bug out of people's heads?

It took three generations or so, and extensive state intervention, to get them so crazed about this mortgage fetish in the first place. Surely the only thing that will scare them straight is a downright massacre of fictitious equity?

I would like to see the house market get so toxic that no sensible person would touch a mortgage with a ten-foot pole.


i'll take my fight backers
where i can find em

i share your values
on home lot leverage nonsense

hey i'm for imploding the biological familly for christ sake
but that might also get me too far out
and away from any locus of motivation
with mass scale potential

walk away yes

but don't leave also
depends on the context and motivations
as one with utterly ruined credit
i can testify to life after you're ejected from the credit grid
its a relief
but i have noi cherished nest
to call my own
so freedom in my case is ...nothing left to lose
but not in a shit load of other cases
call it the george and lenny fantasy
but its pervasive


not sure
i get hapa's comment
but credit addiction is a transformative agent
of wonderous proportions
i greatly recommend it
as a greatly urge driving thru the tavboo zone into bankrupcy
but i lacl the usual class based shame
of the honest toiling masses

i respect the jacobin rectitude ..in context
and i easily indulge the lenny and george
a little ranch of our own fantasy
petty possesion be somebody fantasy
that by itself
is e not a barrier to rebellion

a broad avenue to fascism ??

of course
like most elementary particles
totalitons come
in "left" and "right"
postive and negative forms

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