Ever since the subprime crisis has been looming on the horizon we've been worrying here about the havoc the rise in foreclosures might mean for local schools losing their property-tax based funding [1]. Check out this argument [2] that the bailout might make things even worse.
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Links:
[1] http://www.ourfuture.org/blog-entry/foreclosing-america-4-vicious-and-virtuous-circles
[2] http://provisoprobe.blogspot.com/2008/09/warning-bailout-bill-could-deprive.html