The State of the Housing Market and the State of the State
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, despite federal efforts to "modify" mortgages, economic recovery is threatened by a massive wave of foreclosures. Should cruel economic realities be allowed to run their course, or should taxpayers rescue banks and homeowners who are "underwater?"
Banner image: Assembly Speaker Karen Bass (L) and Senate pro Tem Darrell Steinberg (R) listen as Governor Schwarzenegger delivered his final State of the State address before a joint session of the California State Legislature
Trying to Stabilize the Housing Crisis ()
Fifteen million Americans are “underwater,” meaning they owe more on their mortgages than their homes are worth. The Obama Administration has $75 billion for a program called Making Home Affordable, but there’s widespread agreement that it’s a failure that could be making things worse.
- Peter Goodman: National Economic Correspondent, New York Times, @petersgoodman
- Marlene: California homeowner
- Mark Zandi: Chief Economist, Moodys Economy.com, @dismalscientist
- Kent Smetters: Professor of Insurance and Risk Management, University of Pennsylvania's Wharton School of Business
Schwarzenegger’s Final State of the State Address ()
As he began his last year in office today, Governor Schwarzenegger addressed a joint session of the Legislature, beginning on a positive note. He called the first priority the economy and jobs. Other priorities include tax, budget and pension reform as well as a re-ordering of spending priorities. While the Governor voiced support for healthcare reform, he criticized transition from “noble and needed legislation” to a trough of bribes, deals and loopholes.” We hear from some tough-minded Sacramento insiders about jobs, education, prisons, tax reform and the waning power of a lame-duck Governor.
- Barbara O'Connor: Director of the Institute for the Study of Politics and Media, Cal State University Sacramento
- Jerry Roberts: Co-founder and Editor, CalBuzz.com
- Jean Ross: Executive Director, California Budget Project
- Dan Schnur: Director of the Unruh Institute of Politics, USC, @danschnur
- Bill Whalen: Research Fellow, Stanford University's Hoover Institution
Which Way L.A.? is made possible in part by the Ralph M. Parsons Foundation, the Nathan Cummings Foundation, and the John Randolph Haynes and Dora Haynes Foundation, which supports study and research into policy issues of the Los Angeles region.
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