Tuesday, February 24, 2009

Putney Swope says......

Megan McArdle:
"Foreclosures are not the cause of price declines; they are a symptom of them. The underlying event is too many houses, and too little demand for them. Propping up existing mortgages does absolutely nothing about the mismatch between supply and demand."
Either way, the retort is "No Shit!". Read the whole thing.....

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