California To Eliminate All Welfare Programs? - … I don’t wanna get all Mad Max here. But it’s no stretch to say that social unrest is a real possibility at this point.  When social services start to fail, people get angry. And California’s economic situation couldn’t be much worse … – Bearish News.com

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To ‘Fix’ The Derivatives Market, Don’t - John Tamny – Regulators don’t know better than market actors. – Forbes

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good history of government intervention – Obsessive Housing Disorder – STEVEN MALANGA – Nearly a century of Washington’s efforts to promote homeownership has produced one calamity after another. Time to stop. – thanks Ira Artman – City
Journal

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FDIC may sue bank officers, directors -  – by Joe Rauch – The Federal Deposit Insurance Corp. is expected within weeks to start suing directors and officers of failed Atlanta banks, according to people familiar with looming litigation. – Atlanta Business Chronicle

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Fannie Program Sees 70% Recidivism – By DIANA GOLOBAY – … “HSA is showing high redefault rates on the early offerings,” FHFA director James Lockhart noted in a Congressional report this week. “Performance on the February through April offerings shows a redefault [or recidivism] rate of almost 70%, which calls into question the program’s assumptions that borrowers have the capacity to make payments going forward.” … – thanks Victor – housingwire