The Post has a column today by William H. Gross, that calls for the government to spend hundreds of billions of dollars buying up bad housing loans in an effort to prop up the housing market. Of course those familiar with economics know that this can only work long enough to allow smart investors the opportunity to dump their bad loans on taxpayers. The oversupply of housing will only get worse the longer bubble prices are sustained.
For those wondering about Mr. Gross's qualifications, he is the founder of PIMCO, the world's largest bond mutual fund.
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