The Best Article on the Housing Finance Issue

This article is a bit long, but it is probably one of the most clear thinking and rational summaries of where we are and how we might think about getting out of here. Although I remain convinced that Congress did the right thing in passing the $700B TARP program (I feel there was really no other choice), lots of other things Congress and the Administration have done don't make sense. Homeowners have become a privileged class of investor, risk means little or nothing anymore.