Key line:
"Imagine if the housing market was showing real signs of stabilization and if prices, which had declined since the bubble burst, were steady or modestly appreciating. You would instead have heard a narrative of a slightly tougher road to recovery, but one that actually persists. Instead, we have a uneven, tentative rebound that makes Americans even warier about the future."
Question: Instead of providing a market-distorting subsidy, what alternative action could the Obama administration have taken-- one that would have worked with the market instead of against it?
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