There’s an incredibly detailed post over at Naked Capitalism today on whether the U.S. is going to see increased or decreased rental prices as more homeowners are foreclosed upon. Yes, the Case-Shiller futures index doesn’t see the housing market fully bottoming out until May of next year, especially with a number of government mortgage-relief programs running out shortly. Sure, the government could step in and provide long-term solutions for homeowners and renters by promoting community land-trusts, limited equity co-ops, and publicly-owned housing, but do you really believe that’s on the Obama administration’s radar?
Speaking of the masters of the universe, apparently 2009 was a great year for the top 25 hedge fund managers. Doug Henwood reports:
The top 25 hedge fund managers pulled in an average of $1 billion last year. The man at the very top, David Tepper, took home $4 billion. Next up was that great liberal humanist, George Soros, at $3.3 billion. The poor relation at #10, Philip Falcone, hauled in $825 million. The $25 billion that this gang collectively earned would be enough to pay the tuition for about one in five college and university students in the USA. That’s only a hair less what the federal government pays in tuition assistance. Twenty-five guys (all men, by the way). What a country.
What a country, indeed! Wherever could we find the cash to afford all those costly social programs we “have” to cut these days?