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Dean Baker on Bogus Mortgage Settlement

Feb. 9, 2012 - Full of sound and fury, signifying another back door bailout. Dean Baker sets the story straight on BBC World News.

Salem council pays off parks office mortgage | News, Sports, Jobs

The group agreed 6-0 to use funds from an industrial park/other land purchase fund to pay off the loan the parks department secured to pay its half of the Oak Street building’s purchase price. As of today, the outstanding payoff balance on the loan was $47,874.

Councilman Geoff Goll, who had spoken out against the idea, wasn’t able to attend the meeting. He had voted no when the Finance Committee agreed to forward the ordinance to council, claiming that the parks department had not asked for council to pay off the loan. He also voted no when council agreed to split the cost of the building with the parks department and used council contingency money to pay half of the $95,000 purchase price.

Mayor John Berlin had recommended council pay off the loan, saying the parks department could use the money from

the loan payment for other projects in the parks. Also, the fund being used had the money just sitting there and was for the purchase of property.

EC Barton & Company remains one of Jonesboro's oldest businesses

He closed the grocery store and started Barton Lumber and Brick. His son, E.C. Barton expanded the business by acquiring several more lumberyards. Eventually, the company would become E.C. Barton & Company, and to this day it still operates in Jonesboro, company Marketing Director Kathryn Baker told Talk Business & Politics.

“He (P.C.) realized the lumber side was more profitable than the grocery side,” Baker said.

E.C. Barton is 100% employee-owned and employs more than 700 people across 17 states, Communications Manager Danial Reed told Talk Business & Politics. Those range from the deep South to New England. It’s operated by a board of directors and Steve Brimner serves as the company’s president and CEO. Few businesses are owned by their employees, Baker said.

“It’s not something you’re going to find in a lot of communities,” Reed said.

Employees with the company are referred to as partners. The company has 102 stores. Four businesses – Barton’s, Bargain Outlet, Surplus Warehouse, and ECB Brokerage – operate under the E.C. Barton & Company name.

Is the banking/mortgage meltdown the goverment's fault to begin with?

Does this crisis show the failure of capitalism? Or does it show the failure and arrogance of government meddling? Is it possible that ONE MAN is responsible?


This is really oversimplified. The US doesn't have a purely capitalist economy. It has a mixed economy that combines elements of a free market economy and a socialized economy.

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