Indy Star: Put Hoosiers’ Welfare Before Big Banks

IndianaThe Indianapolis Star ran this op-ed today by David Arkush and Ronetta Spalding about the need to create a strong Consumer Financial Protection Agency (CFPA).  Here is an excerpt:

Who’s going to bail out Hoosiers? In September 2008, Lehman Brothers collapsed in New York, sending shock waves throughout the country, including Indiana. More than a year later, the greed, recklessness and lack of oversight that pushed our economy to the brink of a second Great Depression continue unabated, causing hardship for many families in Indiana.

Hoosiers have been hit hard by the economic collapse as unemployment continues to rise to 9.8 percent in October, up from 9.2 percent in September. Foreclosures, already widespread since the housing bubble burst and the time bombs in predatory mortgages began igniting, are now being triggered by job losses. If the current trend continues, the state will face an estimated 170,829 foreclosures between 2009 and 2012, resulting in a staggering $6 billion in lost home equity.