46 Years later, Watts destroyed anew

``We can actually fix the foreclosure crisis in California by writing down all underwater mortgages (2.1 million in the state) to market value. This would pump an annual $19.9 billion into the state economy and create 295,000 new jobs annually for 30 years. It would save Californians an average of $790 a month on mortgage payments and would dramatically reverse the loss of wealth in minority communities.'' -- Of course, we don't need a new law to do this; it can simply be done in bankruptcy, where judges can determine who is most financially liable in a case-by-case fashion. Oh wait, we can't, because of the 2005 Bankruptcy Serfdom Act that underwrote the finally blow-off phase of the bubble.