The Sorrows of Suburbia (Jeb Bush)

http://counterpunch.com/farago11302007.html


The Sorrows of Suburbia
Politics and the Housing Crash


The world wide credit crisis started in the heart of America suburbia itself, and primarily through the politics of suburban development that radiated from South Florida. The story of subprime mortgage mess has not yet meshed with the campaign finance supply chain that wrapped up Florida production home builders, lawyers and lobbyists. But from the perspective of Miami and South Florida, it is clear that supply chain was managed by Jeb Bush, the former two-term governor.

Yesterday Bloomberg reported that $700 million in defaulted debt, representing sprawl (asset-backed commercial paper-- the exact details have not been disclosed) has vanished from the trust funds invested by the Jeb Bush team, adding to losses that will change American politics in 2008 and beyond.

-snip-

But the most accurate frame to tell this story is the money trail from Jeb's loss in 1994 governor's race, to his victory in 1998, and subsequently, the presidential election stolen in Florida by George W. Bush in 2000. Both Jeb and W. were fully engaged in the policies of growth that spurred the hyperventilated housing boom that is now in flames. (for further detail, see eyeonmiami.blogspot.com under the archive feature, "housing crash")

-snip-

Bloomberg reports today, "School districts and local governments in Florida have pulled $8 billion out of a state-run investment pool, or 30 percent of its assets, after learning that the money market fund contained more than $700 million of defaulted debt."

The State Board of Administration, that manages about $42 billlion of short-term investments, including the pool, as well as Florida's $137 billion pension fund, is run by Coleman Stipanovich, brother of "Mac" Stipanovich, a Republican consultant and Bush family loyalist. In 2002, the fund lost $334 million on Enron, investing in the stock as the company was swirling down the drain-three times the loss of any other pension fund. A few years later, the same fund invested in Edison Schools whose stock value had collapsed from $37 to as little as 14 cents.

"Pardon the sacrcasm," the St. Petersburg Times editorialized after the Edison deal, "but was there no Enron stock left to buy?"
-snip-
-----------------------------


do read on - water, water, water

(republican pant makers have had to make pants with bigger pockets.)

just in time to make a lot of money for themselves and leaving a big steaming pile of wreckage in their wake. I wonder if they learned that from Babs or Poppy?

steal it

Jeb is a low life crook

oy! I'd like to get rid of the smirk

hands of any of us for stealing a loaf of bread.