The Geography of Debt
Sometimes when I’m feeling impatient, I watch water as it starts to boil. Small bubbles start forming in specific locations. As the water gets hotter, the smaller areas coalesce to form larger areas producing larger bubbles.
Seems like real estate bubbles do something similar. They started out in small areas then spread to entire cities, then regions. We were told it was a tide lifting all boats.
Now they are calling it a taxpayer bailout. This is not quite correct. The treasury will sell bonds to foreign countries, many of whom have very different objectives.
Read the EULA
I usually click through a EULA. I hope congress doesn’t do this when reading through the Legislative Proposal for Treasury Authority to Purchase Mortgage-Related Assets. Especially Section 8.
Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.