Which Way, L.A.?
The State of the Housing Market and the State of the State
Arnold Schwarzenegger’s last state-of-the-state speech promotes an ambitious agenda. Can a lame-duck Governor get anything done? On our rebroadcast of To the Point, 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?"
By Warren Olney • • 1h 0m ListenArnold Schwarzenegger laid out a long list of priorities today for his last year in office. We hear from some tough-minded Sacramento insiders about jobs, education, prisons, tax reform and the waning power of a lame-duck Governor. On our rebroadcast of today's To the Point
, 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
In this episode
2 storiesTrying 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.
Read the story27 minSchwarzenegger’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.
Read the story26 min
