The controversy over home foreclosures is spreading--today, the White House blog and twitter announced that President Obama would not sign a bill that could have an impact on foreclosure documents because of the ongoing problems. In a nutshell, huge numbers of Americans have found themselves foreclosed on by banks that had faulty or incomplete documents. Three major firms have actually declared freezes on foreclosures, and Congress is calling for an investigation.
But what does all this mean for most of us? Danny Schechter joins Laura in studio to explain the situation, why it's more complicated than a few mortgages, and why it could lead to another major banking crisis. He also weighs in on the privatization of fire departments, and notes that in the U.S., "Property rights trumps human rights."