Naked Capitalism, housing, and hedgies

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?


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