...thus artificially supporting the tax base of thousands of local and state governments...
Notice all the countries are either oil producing ones (middle eastern and Norway) or sell manufactured goods to us (China and Singapore)
A lot people took equity out of the market when prices were inflated, a rise that was sparked by low interest rates, used it to pay off credit cards (which were used to electronics and other consumer good from China, Singapore, etc) and buy trucks and SUVs.
Basically, Americans traded their homes for some foreign oil and imported stuff from Asia.
I can’t see how anyone does not see this as a worrying happenstance.
They Feds will just make them all Section 8, and they'll be burned-out hulks in no time.