Republicans Are Good With Money
Oct 26th, 2007 at 6:24 pm by Susie
Put Republicans in charge and all kinds of economic progress start to happen:
More than $23.6 billion in California housing wealth will evaporate if real estate prices continue to decline and foreclosures on subprime home loans soar, according to a new congressional report that indicates the fallout from the national mortgage crisis is worsening.
In addition, over the next two years, the state will lose nearly $111 million in tax revenue from the forecast repossession of 191,000 homes and the spillover effect on neighboring property values, said the study, released Thursday by the Senate Joint Economic Committee.
“State by state, the economic costs from the subprime debacle are shockingly high,” committee Chairman Chuck Schumer, D-N.Y., said in a statement. “From New York to California, we are headed for billions in lost wealth, property values and tax revenues.”
I just wanted to say thank you. I lurk here every day, mostly. I just wanted to say thank you for your righteous anger, your clarity of vision, your obvious idealism. I read your profile, and I am heartened by the fact that out of the mistakes of your past, and the suffering that must have ensued from them, there emerged a person that grows “clearer as the years go by”, to steal part of a line from one of my favourite poets, Philip Larkin.
Hmmm, I wonder where that 24 billion ‘disappears’ to?
Dan, thanks for reminding me there’s a point to all this.