[FoRK] Federal government will guarantee house values

Russell Turpin deafbox at hotmail.com
Tue Mar 2 20:00:04 PST 2004


If anything is a bad omen, it's this piece of
stupidity:

http://www.house.gov/walsh/pr_073002.html

Essentially, the federal government is underwriting
real estate derivatives. To anyone who remembers
the S&L crisis of the 80s, this reeks like an
exploding whale carcass:

http://www.cumberlink.com/articles/2004/02/06/editorial/rich_lewis/lewis01.txt

One can only hope this is a one-shot experiment
for upperstate New York, where real estate values
have been depressed, rather than something that
might be applied elsewhere.

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