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Thu Jul 24th 08:38 AM | Rating: 0 0
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Bill Gross: The Housing/GSE Bill Is Best Way Out of Credit Crisis

"Make no mistake, the current conundrum that must be solved is: how to make the price of 120 million U.S. barns stop going down in price and then to make them go up again..."

Wrong Bill. In fact the market is trying to bring the price of housing back down to the long term average of 3X J6P's income so it will be affordable again. Mispriced risk and abnormally low interest rates led to the bubble in housing prices which should now be allowed to correct without government intervention. That is what markets are for- price discovery. What we have here with the housing bailout by Congress, that Mr. Gross is such a cheerleader for, is something closer to Fascism. Unfortunately the Congress and your buddies on Wall Street obviously, being at the top of the food chain, are fine with that.
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