The Foreclosure Mess Comes Down to Five States.

Alan Reynolds, New York Post, writes of the Foreclosure Five states:

When President Obama discusses his $275 billion mortgage bailout, he talks as if it was a national problem, caused by a national decline in home prices. “We must stem the spread of foreclosures and falling home values for all Americans,” he says. But there is no national market for homes and no national price for homes. Instead, most of the United States will pay for the folly of few.

The beneficiaries of taxpayer charity will be highly concentrated in just five states – California, Nevada, Arizona, Florida and Michigan

This not a crisis.  It is a bubble.  The nebulous Obama administration is entirely too fond of describing every problem as a “crisis.”    The fact that what mortage problem does exist is limited essentially to but five states, explains the wide spread, and ever growing, opposition to BO’s mortage rescue plan.

Addendum:(Bit)

Dan Riehl notes the story, too, and suggests unemployment is the issue. In Michigan, of course, the auto industry. We’ve spoken to that failure and the Democrat party causes of it for years, now. But California and Nevada? The construction industry. Riehl also suggests that the unemployment rates there are a direct result of the behavior that led to the foreclosures.

I’ll nod assent to that, and I’ll add that the whoe thing comes down to, as we’ve said before, government getting in the way of the free market.

Glenn Reynolds.. no relation to the guy from CATO, AFAIK, has more.

And while I have the editor open on the topic, did you guys notice Fox News Sunday? Who is it they had on giving advice on how we can as a nation get out of this mess democrats have created for us? Ed Rendell and Jennifer Granholm.

Yeah, that works, huh?

Rendell presides over a Pennsylvania that is 48th in job creation. And Granholm, over the sewer that Michigan has become at the hands of liberal democrats. Getting these two to expound on the fixes for our current problems is rather like getting Hanibal Lechter to speak on the problem of canibalism.

(Repost and addendum, database error-Bit)