Holman Jenkins writes in his WSJ column today that all the frenetic political activity over the mortgage crisis is worse than useless. The politicians must simply let the housing market bottom out on its own.
Alas, Jenkins hits the nail on the head when he writes, “even with untold trillions in unfunded entitlement liability hanging over the federal government, there is little resistance to contracting vast new liabilties whenever large numbers of voters are in distress….” Most politicians just can’t say “no.”
