Don't Bail out Banks so Developers Can Do it Again!

Bailing out banks suffering from devalued mortgage backed securities without also addressing the glutted housing surplus that created the financial crisis simply feeds the problem. It is easy to point the finger at Washington and the failing banks who made risky subprime mortgage loans, but local elected bodies and planning commissions in this county and elsewhere must acknowledge their complicity in approving the massive residential volume construction and commercial developments that have proven to be unsustainable. I would hate to see Murfreesboro go the way of Memphis, where developers completely control public policy and have devastated the community with "boom and bust" development after development, irresponsible behavior that has created untenable sprawl and suburban decay.