Should Congress Prop Up Real Estate Prices

Here's someone who asserts that free markets should be free to let real estate prices drop without interference from the Federal government.

clipped from bigpicture.typepad.com Should Congress Let Home Prices Fall ? Sunday, June 29, 2008 | 05:30 PM Stark housing numbers are coloring the debate in Congress regarding the impending Housing bailout. As of the most recent data, there are more than three million borrowers in "distress" -- typically, 60 days late in mortgage payments -- and analysts forecast a couple of million more will fall behind on their payments in the coming year. Let's ballpark it as 3 million people in some stage of delinquency, default or foreclosure -- and that number may likely go to 4 - 5 million over the next 24 months. What I find astonishing is that Congress somehow believes they need to do something to help prop up housing prices. When it comes to free markets, the quadrennial Socialists in Washington talk a good game, but push comes to shove, they don't really believe it.