Today’s top NYT editorial is full of socialism and sophistry. House prices are falling but buyers aren’t yet returning to the market. This means prices may continue to fall. That could compound recessionary pressures that the housing sector is putting on the economy as a whole.
There’s only one solution: “foreclosure prevention.” And there is “no excuse for delay.”
Personally, I would argue there is a case for outright neglect. Let’s call “foreclosure prevention” what it really is: a bailout by taxpayers for homeowners and lenders that made bad decisions over the last few years. I don’t even know where to begin to pick this editorial apart. Perhaps I’ll leave it to my critical thinking readers to find all the holes in this argument.