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california housing prices have to fall 50%, then everything will be just alright...the cost of living over here has just gone wildly out of control due to the astronomical bid up in home prices, that has also caused rents to double in the last 5-6 yrs causing a very very bad situation.
I don't think the fed should loan them a penny. If they jack up the rates high enough they will be able to sell some short term bonds... that is the way the system is supposed to work!
Just read where Mass is going to ask for funding. Can't imagine it will be long before Michigan and Ohio are at the trough as well. I believe we've talked about moral hazard. No reason to get spending in line, just ask uncle Sam for a little handout.
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