To everyone who says, “Let the homeowners with bad mortgages go down,” I say “Cleveland.” The subprime crisis has hit the city hard, and it is clear that it isn’t possible to limit the effects of bad mortgages to the homeowners and investors who were involved in those deals. Cleveland demonstrates that a critical mass of bad loans can threaten the survival of a community. With little help anywhere on the horizon, Cleveland is using the presidential primary to draw attention to the crisis.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=1250823