The great Arnold Kling provides some insight into the megagigantic housing bill, the bad boy that the New York Times describes as "a landmark shift in the government's role in the housing market, extending a helping hand to both Wall Street and Main Street...[ranking] in importance with the creation of the Home Owners' Loan Corporation to prevent foreclosures in the 1930s as part of the New Deal, and legislation in 1989 responding to the savings and loan crisis."
Basically, the housing bill rewards everyone who participated in the excesses of the housing market and punishes the rest of us. Lately, I've been reading a lot about Switzerland. There, just about any legislation is subject to veto by a popular referendum. This is an instance in which I wish we had a referendum in this country. I doubt that this housing bill would win more than 20 percent of the vote.