From Los Tiempos de Nueva York, a story suggesting the Obama administration will do nothing more about the housing crisis because it simply doesn’t know what more to do:

“The administration made a bet that a rising economy would solve the housing problem and now they are out of chips,” said Howard Glaser, a former Clinton administration housing official with close ties to policy makers in the administration. “They are deeply worried and don’t really know what to do.”

My sense is that the article’s suggestion that the president will take the risk of doing nothing is correct.  And it seems to me that had the administration decided to take this free market approach from the get-go we’d be moving into market recovery rather than tick-tick-ticking up to the top of the roller coaster for another scary dip towards the ground.

Advertisement