Saturday, May 9, 2009
Forensic dissection of the America bubble
There is an embarressment of choices for quotes in this long and damning critique of political interefence in the American housing market. It's a long article but well worth the effort. I will content myself with the last paragraph: "Ultimately, the goal should be to end subsidies that amount to a government project to direct homeownership to places where Washington believes it should be taking place. That kind of political meddling in this vast marketplace has wreaked havoc time and again, and will continue to do so—if we keep letting it."