To date, none of the proposed homeowner-rescue plans acknowledges that a significant number of the homeowners who are in distress were the victims of predatory and illegal practices. Opponents of the plans currently on the table raise three serious objections: First, any massive loan rescue would be costly; second, borrowers in good standing might intentionally default on their mortgages to benefit from a bailout; and third, investors holding securities backed by subprime loans will balk at loan modifications that diminish their already depreciated investments and will sue to stop such efforts.
Going after the lawbreakers helps to address these concerns. It would not only lower the cost of the rescue plan by reducing the number of borrowers needing help, it would also direct assistance only to those people who were victims of illegal conduct and insulate the loan modifications from litigation by investors looking to preserve their investments. Investors won’t challenge loan restructuring when the underlying loans were made on illegal terms. You don’t lend your horse to Jesse James and then sue the stagecoach he robbed to get it back. Investors will have to redirect their fire from the borrowers to the brokers and lenders who did the fancy loan footwork—and perhaps the ratings agencies that blessed it.
Instead, making this album has transformed Rose from a hungry contrarian to a full-blown desert prophet
If so, then he should have called the record “Arrakeen Democracy.” Semuta, FTW!
But when everything is a negotiation, many things don’t get done.
Still, I find myself impressed by how close Chinese Democracy comes to fulfilling the absurdly impossible expectation it self-generated, and I not-so-secretly wish this had actually been a triple album. I’ve maintained a decent living by making easy jokes about Axl Rose for the past 10 years, but what’s the final truth? The final truth is this: He makes the best songs. They sound the way I want songs to sound. A few of them seem idiotic at the beginning, but I love the way they end. Axl Rose put so much time and effort into proving that he was super-talented that the rest of humanity forgot he always had been. And that will hurt him. This record may tank commercially. Some people will slaughter Chinese Democracy, and for all the reasons you expect. But he did a good thing here.
The literature on gift exchange…gave him the conceptual tool he needed to understand his predicament, which was, he came to believe, the predicament of all artists living “in an age whose values are market values and whose commerce consists almost exclusively in the purchase and sale of commodities.”