We’re catching up with the sun! Sunrise today in Kaaawa was at 6:09. We arrived not too many minutes later, in time for this view across Swanzy Beach Park.
Enjoy!
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Saturday sunrise
It has been noted that in the Aloun farms human trafficking case, Civil Beat has been more sympathetic toward the employers, and Hawaii Reporter has been more sympathetic toward the employees. That certainly goes against the ideological expectations that one would have of those two publications. I do not know of the college background of the Hawaii Reporter journalist, but the Civil Beat journalist covering the case has a Princeton degree (at least according to the profile on the Civil Beat). What we find is perhaps a class bias at Civil Beat — not surprising since the patron of CB donates the bulk of his largess to Punahou Schools (a bit like donating coal to Newcastle).
Along those lines, something that Civil Beat missed in covering the passage of Act 48, that encouraged foreclosures in Hawaii to be channeled toward a court of law, all of the positive comments in the comment section in CB were by real estate agents. (I cannot find these comments anymore, the CB site is a mess in this way.)
Basically, Act 48 will slow down the foreclosure rate, propping up real estate markets — temporarily. This is in the interest really of the real estate industry. In fact, if I understand it properly, Act 48 will render foreclosures liable to deficiency judgments, in which borrowers will not only lose their house in a foreclosure, but will still be compelled to continue to pay off their mortgage (even though the bank now owns the home!).
Ultimately, real estate markets will come down to levels in line with income, and this is what should be desired, because the economy won’t improve until all this debt is washed out of the system.
In fact, the economy won’t improve until debt in general is written off. Judicial foreclosures if done right are one step toward that. Judges should revalue houses at their estimated year 2000 value. Since some borrowers have already paid that amount — or even more — to the lenders, the homes would automatically go to the borrowers, free and clear. For those who will never be able to reach even that year 2000 estimation of what their home should be worth, the home should immediately be given to the lender.
Why did CB not see the bias of Act 48? And why is legislation that dresses itself in the rhetoric of progressive politics so neatly in the interest of the status quo? One would guess that it is the bias of politicians and journalists who travel in elite circles, even while their self-image is that of public servants.
Wow, the above comment might make an interesting Thursday morning post. Something to think about.