Still Oblivious To Meltdown’s Cause

August 10, 2010 15:15

Or maybe just willfully ignoring it? One of the tragic ironies of the financial meltdown is that it was caused by well-meaning politicians who didn’t know what they were doing — and ended up hurting the very people they intended to help.

IBD Editorials

Monday’s Los Angeles Times carried a timely and melancholy piece on how the economic downturn that resulted from the housing crash three years ago has taken down entire regions in California — places that once hummed with businesses and people but have now become industrial wastelands.

The Times article points in particular to the region east of San Francisco, once a sprawling group of bedroom communities filled with people who moved inland in search of more affordable homes and commuted daily to the City by the Bay and Silicon Valley.

Those days are gone. Today, the Times notes, “jobless rates go up to 20%, (and) home prices are down as much as 75%.” What’s left is misery, empty buildings and broken dreams.


Help Make A Difference By Sharing These Articles On Facebook, Twitter And Elsewhere: