Green Taxi

This article by the WSJ gives a lot of clarity into the problem at the core of it all.  And this quote pretty much sums up the horror of why we will not get out:

“I don’t deserve a bailout,” Mr. Sherman said. “Will I take one? You are darned right I will.”

This city, Los Banos, is in the utter state of collapse.  One out of every five homes is in some state of foreclosure.  12.3% of home loans were delinquent in this county, the worst in the nation.  It has the highest share of owners who owe more on their house than they are worth.

While the pain is clear as day, I find the views of the citizens much more interesting.  How the react to the situation is an indication of how we may or may not get out of this mess.  But, surprisingly, there is no clear answer.  Many feel they were duped.  Many feel they were just unlucky in a bad economic situation.  And many on both sides feel the government should or should not bail them out, but most would take a bailout either way.

This is a very difficult situation to handle for anyone.  The government has to try to save the day, but how much and with what is a difficult decision to make.  I do not think anyone can predict how exactly this will turn out, but I think everyone knows that the pain will continue and there is no easy solution.

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