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Katy Grimes

Redevelopment Monster Is Aliveeee!

Like the Creature of the Walking Dead, a diabolical scientist with an unquenchable thirst for blood, California redevelopment agencies are also back from the dead. Redevelopment was developed in the 1970’s to fight urban blight, but quickly transformed into a corrupt scheme to divert county and state taxes to cities. What could possibly be wrong with “urban-renewal agencies” which float massive debt and routinely misuse eminent domain to seize private property? Ahem. But I digress.

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Congressman John Campbell

“Fix It” Episode VIII: Too Big To Fail & California

Too Big to Fail: There is a lot of talk these days about the $3 billion loss at JP Morgan Chase. There is a lot of hand-wringing, concern, and investigation into what happened. We are asked about it on Capitol Hill, we have an opinion, and we all care about it. And, that is the problem. We shouldn’t have to care.

The only reason we are all in a tizzy over this is because JP Morgan is too big to fail. If Apple announced it lost $3 billion tomorrow, the shareholders, Wall Street and some trial lawyers would care, but it wouldn’t be any of Washington’s concern. That’s the way it should work with private companies. They take risks to make money. Sometimes you win and sometimes you lose.

Dodd-Frank did not fix this problem for the banks. Arguably, a provision in Dodd-Frank was part of the cause of the JP Morgan loss. Dodd-Frank requires disclosure of trading that was previously private. Hedge funds saw JP Morgan taking big positions (which just a few years ago would not have been made public) and decided to play the other side of the trade. The hedge funds won and JP Morgan lost. However, in this case, we all lost. That’s why… Read More