Newsom attacks property rights

July 30, 2012

By John Seiler

Lt. Gov. Gavin Newsom, trying to conjure up something useful from his worthless job, has positioned himself supposedly as a “pro-business” Democrat. He even went to Texas to say how the Golden State could learn something about jobs creation from the Lone Star State.

But he just backed the assault on property rights in San Bernardino County that would use eminent domain — government seizing property — to dispose of distressed mortgages. He said, “This idea is bold. This idea is meaningful.”

No, it isn’t. It’s robbery.

As my colleague Steven Greenhut wrote about it on our site last week:

“It’s a “win-win,” according to supporters, except that it comes out of the hide of the current lenders, who would lose their property – or at least lose the chance to collect the money owed them. I can come up with a similar “win-win” scheme whereby I steal your money and spend it on a new car. Don’t complain. It’s a “win-win” for me, the car dealer and even the DMV.

“For those who shrug off this money grab out of dislike for banks, consider that the plan, in order to avoid political push-back, exempts all Fannie Mae and Freddie Mac mortgages and those held by major banks, so it only targets privately held mortgages.

“This is a troubling abuse of government power to advance the interests of private parties. Likewise, the only beneficiaries from the new Homeowner Bill of Rights will be private attorneys who gain a new target. These laws aren’t about fixing the mortgage crisis. They are about special interests using government to help them get their piece of the action before the crisis goes away.”

But Newsom, a favorite to be the next governor, probably is ahead of the curve. Led by California, America quickly is becoming an anti-property rights, anti-capitalist, socialist hellhole. Here’s Gavin enthusing, although on a different policy. But he thinks the same about government grabbing your property: