'Saving' the Housing Market - Thomas Sowell

"We hear all sorts of sad stories about people whose homes are "under water" or who are facing foreclosure. But why should our attention be arbitrarily focused on these particular people, rather than on the many other people who would benefit from being able to buy those same houses, if the prices came down? The government is artificially keeping the prices up with subsidies and with pressures on lenders to accommodate the current occupants. . .

Rescuing particular people at the expense of other people-- whether the others are taxpayers, savers or prospective home buyers-- produces votes. It also produces dependency on government, which is good for politicians, but bad for society."

'Saving' the Housing Market - Opinion - PatriotPost.US