Cleveland Sues Banks as "Public Nuisances"

I do not think that this lawsuit against 21 lenders will succeed, but we know what my prediction record is.

I think that the judges will throw it out of court in the early stages, but if they don't, and it goes before a jury, I think that it will be far more likely that they will prevail.

That being said, the idea that major banks and Wall Street firms are being called public nuisances, "The Cleveland suit, filed Thursday in Cuyahoga County Common Pleas Court under the state’s public nuisance law, asserts that the financial institutions created nuisances across broad swaths of Cleveland because their loans led to widespread abandonment of homes," does represent an interesting change in attitude.

For the past 25 years, the rule for municipalities and states was to please Wall Street, and now these institutions are being view, accurately IMNSHO, as parasites and near-criminal enterprises.