Some Sensible Thoughts on the Housing Crisis

Ann Althouse pointed to this article "I Bought an Expensive House. My Bad, Not Yours" by Joel Stein in Time Magazine. I think it makes a lot of sense.

"The only people affected by plummeting real estate prices are the ones who bought a house that cost more than they could afford, hoping for a spike in value so they could sell at a profit or take out a new loan based on an increased value. Their home wasn't just a place to live; it was an investment they thought they could liquefy at will. If we're saving these poor souls from the 26.7% drop in their investment, we should give twice as much aid to everyone who has lost approximately 50% in the stock market since its peak."