Sunday, April 06, 2008

In Opposition to Market Intervention

For common sense wisdom that seems all too rare among the political class and its pundits, see George Will's column regarding the housing market correction here. A snippet:

The market, which bewilders and annoys liberals by correcting excesses without the supervision of liberals, is doing that as housing prices fall far enough to stimulate demand. Witness this recent Financial Times headline:

"Property sales pick up as prices plummet."

The story began: "Sales of previously owned homes in the U.S. rose for the first time in seven months in February, while sale prices fell by their most in at least 40 years." By golly, the Gershwins were right: The age of miracles hasn't passed.

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