Those waiting for any mea culpas from the Washington Post editorial page (remember all those news stories and columns warning about the housing bubble?) will have to wait a bit longer. Instead of acknowledging its failure to report accurately on the circumstances that led up to this crisis, the Post is using it as an opportunity to push its agenda for cutting Social Security and Medicare. The reasoning powers of the Post's editors are still lacking. The loss of trillions of dollars of equity in housing has just wiped out most of the wealth of baby boomers nearing retirement. Their dependence on Social Security and Medicare will be greater than ever as a result (and these people vote). That's what happens when you rely on David Lereah (the former chief economist of the National Association of Realtors) as your main source on the real estate market.
--Dean Baker