The Sky Is Not Falling

This analysis of the media's role in the subprime fiasco makes for good and informative reading. The author, Bernice Ross, makes an important point about the geographic specifity of the crisis, which is largely limited to seven states (California, Nevada, Arizona, Florida, Michigan, Ohio, and Indiana). While the high rate of foreclosure may have generalizeable repercussions for the national market, it does not affect every homeowner or potential homeowner in the same way -- if indeed at all.