Robert Samuelson is a very smart man, and probably one of the better editorial writers on the scene today. His column this morning echoes something I've been pounding home here lately--that America's obsession with home ownership is not a great thing for our economy. Sure, owning a home is a great thing and generally speaking, a good investment. But not everyone should own a home, and not everyone should own as much home as they do. But further to the point, we should never forget that most of the people who are defaulting on their mortgages NEVER OWNED THEIR HOMES--THE LIEN HOLDER DID! The suggestion that someone "owned a home" who made 12 of 360 payments (or 24, 0r 36....) is loony.
We don't have a housing crisis in this country. A housing crisis would occur if there weren't enough housing. We've got plenty. What is in short supply is common sense and the strength of character to let people who have made unwise decisions suffer the consequences.