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BAIL-OUT IS ABOUT HOME PRICES
Home truth: Bailout is about home prices. By Alan Zibel Philadelphia Inquirer
Sep. 20, 2008
WASHINGTON - Home prices. That's what the Bush administration's historic Wall Street bailout is really about. Falling home prices nationwide have acted like dominoes, knocking homeowners into foreclosure and taking down lender after lender, until the entire global financial system was in jeopardy.
Experts say the government's enormous plan to relieve Wall Street banks of their bad investments has a decent chance of stabilizing home prices, at least in theory. If that happens, it will stop Wall Street's bleeding but could keep many families locked out of the housing market. .......
The downside, however, is that in many areas such as California and Florida, where prices soared and are now falling precipitously, homes in many cities remain unaffordable for many families, even well-paid professionals. .......
"The root cause of the problem is that we don't have any homebuyers," said Edward Leamer, an economist at the University of California, Los Angeles. "They're going to sit on the sidelines - by and large - until they get a better deal." Rather than reward Wall Street investors for making bad decisions and exposing taxpayers to hundreds of billions in losses, Leamer said the government should provide incentives for first-time homebuyers to get into the real estate market. ......
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