Its analysis this morning did not include any comments from economists who think the Fed made a mistake in allowing an $8 trillion housing bubble to grow unchecked. It did include comments from WSJ reporter David Wessel, who apparently thinks that having the government buy up mortgages -- a system of house price supports -- is a good idea.
If I had more time, I would grab a few hundred of the columns in the Post, NYT, WSJ or commentaries on NPR, expressing outrage over the waste and inefficiency of the system of farm prices supports. The exact same reasoning would apply to these proposals for house price supports, except the order of magnitude of the waste and inefficiency would be two times greater, since we are talking about a $20 trillion housing market.
Will these media outlets ever give someone the opportunity to apply their own reasoning with respect to the housing market?
I’m writing to you today with a sense of urgency that I haven’t felt since I began my journalism career. As executive editor of The American Prospect, I’ve witnessed firsthand how independent journalism serves as a crucial bulwark against the erosion of our democratic institutions. Today, that role is more vital than ever. Can you step up today and show your support?
The winds of authoritarianism are blowing stronger. We’re seeing alarming signs of a coordinated effort to silence critical voices and undermine the very foundations that support progressive causes. As Bob Kuttner presciently wrote in our August 2024 issue, a weaponized IRS could attack the very foundations of the progressive movement. We need readers to step up and help us dig in for the long haul.
We’re falling behind in our spring fundraising campaign, and with so much at stake we can’t afford to come up short. If you value fearless, independent journalism that holds the powerful accountable and defends democracy, now is the time to step up. The American Prospect depends on reader support to stay in the fight. Pitch in today and help us close the gap. Please consider making a donation today.
–David Dayen, Executive Editor
Copyright 2025 | The American Prospect, Inc. | All Rights Reserved