Tuesday, July 12, 2011

My letter to the Wall Street Journal re: How to Cure the Housing Slump

Re: U.S. Tackles Housing Slump

Dear Sirs:
U.S. interventions have caused massive malinvestment in housing for decades. As a result, America has the wrong housing in the wrong places at the wrong price. This inventory must be liquidated before we can return to a "normal" housing market. Therefore, make foreclosures easier not harder. And, in order to prevent the same thing from happening in the future, dismantle the entire governmental housing intervention bureaucracy. Liquidate Fannie, Freddie, the FHA, etc. Repeal the extortionist Community Reinvestment Act. Don't bail out anyone.

Patrick Barron

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