Have we seen worse of mortgage crisis? – Yahoo! News
Sen. Charles Schumer, D-N.Y., a key member of Senate finance and banking committees, said borrowers are the ones who need relief. The playbook to bail out the economy would not be applied to the banks and mortgage originators, but money could be funneled through non-profit organizations to homeowners that need help, he said in an interview with The Associated Press.
“There is a worst-case scenario because housing is the linchpin of our economy, and more foreclosures make prices go down, that creates more foreclosures, and creates a vicious cycle,” Schumer said.
Fortunately, in the Bay Area, we’re more diversified than New York.
I’d probably say that it’s
- Web 2.0
- Clean tech
- Luxury car sales
- Financial stuff
- Garlic/Mushroom farming
What do you think? Is housing the linchpin of our economy as well?
Actually, do you think Schumer was referring to the country as a whole?