Guardian: Home truths for complacent economists

..it's good for the banks (and of course we need a financial system - read "THIS financial system" - don't we?). US tax credits pulled forward housing demand, which of course is slumping with the ending of the credits. What was achieved by the credits? Well, they enabled sellers to get a higher price, courtesy of the taxpayer. This was good for the banks holding the mortgages that otherwise would have been underwater. But it also meant that buyers paid more than they otherwise would, so they'll lose when they sell. And what about the banks etc. who issued those new mortgages? Not to worry, they're insured by Fannie/Freddie/Taxpayer. Is the government propping up the market primarily for banks or for homeowners? I think it's the former. (Article ends with a bleak outlook for the economy.)