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View Diary: Can a Small California City Take on Wall Street - And Survive? (298 comments)

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  •  On the other hand, it could be GOOD for the bank (1+ / 0-)
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    Look at the big picture. A neighborhood full of 'foreclosed' signs will drag down the values of the houses which aren't in foreclosure yet. And in turn, the depressed values will cause more foreclosures. That is the key lesson from 2008- foreclosure begets more foreclosures.

    The banks are acting like the city of Richmond is trying to chop their arm off. What they don't realize is that the city is applying a tourniquet to their bleeding arm. Big difference.

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