Worst Whitehouse Bailout Defense I've Seen this Week
“If you live in a home that’s near one that’s been foreclosed, your home value likely has dropped by about 9 percent, which for the average home is about $20,000,” Gibbs told reporters Friday.
According to the U.S. census, there were about 75 million owner-occupied homes at the end of 2008. By our math, that means that the $75 billion being spent to prevent foreclosures works out to about $1,000 per owner-occupied home. Which means you’re spending $1,000 in taxes to head of the loss of $20,000 on the value of your house. These days, that doesn’t seem like such a bad investment.
See that, everyone? We're giving you $19,000! All you need to do is give us $1,000 up front. Of course, you have to assume that this works (and it won't), as well as assume that the inflated prices we're trying to support were sustainable (they clearly aren't).