Bailouts Won’t Work, Peter Schiff Says

Only falling prices--not Washington intervention--can resolve the housing crisis.

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The L . A . Times , smack in the epicenter of the housing crisis, has published another opinion article opposing a government bailout of the housing market—this one by Peter Schiff, president of Euro Pacific Capital and a financial commentator:

At current levels, the average American still can't afford the average house. Despite the creativity of its new policies, Washington can't alter that math. The only mechanism to restore balance and get the credit flowing is for prices to fall steeply to a true market level, and for losses (for consumers and corporations) to be recognized and absorbed.

The full article is here.

Or, via L.A. Land post, here.