When President Obama discusses his $275 billion mortgage bailout, he talks as if it was a national problem, caused by a national decline in home prices. "We must stem the spread of foreclosures and falling home values for all Americans," he says. But there is no national market for homes and no national price for homes. Instead, most of the United States will pay for the folly of few.If you'll notice,these are Obama states with the exception of Arizona.
The beneficiaries of taxpayer charity will be highly concentrated in just five states - California, Nevada, Arizona, Florida and Michigan.
Sunday, February 22, 2009
Should the Rest of America Bailout the Foreclosure 5? California, Nevada, Arizona, Florida and Michigan
The New York Post reports:
