Enough with the bubble-think. It's a balloon.

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  1. I actually think McCain was mixing his metaphors here, co-mingling the issue of decline in home ownership (e.g. the elevated foreclosure rates due to the sub-prime and other financial screwups) with the reduction in home values (which are somewhat linked, as the reduction can move folks from the “safe” to the “at risk” categories.) I certainly wouldn’t mind seeing a floor (more like a stop) put to the foreclosures (it really does nobody any good, except those who buy up the distressed properties, and I never was one to support the vultures in our society.) I also wouldn’t mind more attention being made to providing affordable housing, rather than mortgages that can’t be repaid, to those at the lower income levels – the fact that Habitat for Humanity has problems competing with developers for land to build houses on in the city planning departments is quite telling, and disturbing.
    At the same time, I am in agreement with you that the actual value of housing can’t be dictated or propped up by government edict.

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