EDITORIAL

Interesting editorial in the Wall Street Journal this morning! Looks like congress is playing to the voters by creating a bailout for homeowners near foreclosure. This quote a "correction in the market" is particularly appropriate:

"........drawing out the correction prevents the market from finding a bottom. It prevents owners and shoppers alike from having confidence to judge what houses are worth. It bails out lenders and investors who incautiously or fraudulently financed home purchases for speculative buyers, which can only encourage more of the same behavior in the future."

The six or seven market in the country which are having a hard time need to let it bottom out rather than trillions of dollars of taxpayer money being spent to bail them out.