So says TNR here:
To date, the decline in house prices has destroyed nearly $7 trillion in housing equity. And prices are still falling. Homeowners are likely to see another $1 trillion in equity disappear over the next year.
The article is otherwise full of nonsense, recommending deficit spending in the range of $4 trillion per year to boost employment, and blaming the stall speed in job creation on the imminent cessation of the heretofore grandiose spending of the early Obama regime.
Gee, I had no idea that all the jobs ever created in this country were the result of deficit spending. Who knew?
